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October 2020 nesto-meter Report

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October 14th 2020 – presented by: Chase Belair, Co-Founder and Principal Broker at nesto

You can download the report below for easy browsing!

Key takeaways

  • Overall, with only 4 rate changes per month for both August and September 2020, lenders have landed on their desired spread between cost of funds and profit margins.
  • In September 2020, for the fourth month in a row, mortgage rates decreased, reaching record-lows once again.
  • Fixed and variable rates for the same category (insured or insurable) are trending closer and closer to each other every month, with only a 0.04% difference between them today.
  • In September 2020, there is much more interest in purchase than renewal amongst our users.
  • In September 2020, nesto users target houses instead of condos for their next property.
  • Remote work, economic uncertainty and people returning to the market have a major impact on approval delays in Quebec.

Click below to download our October report!