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September 2023 nesto-meter Report

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September 2023 – Chase Belair, Co-Founder and Principal Broker at nesto

Welcome to nesto’s monthly report, aka the nesto meter! Each month we’ll report on the state of the housing and mortgage industry. August – September 2023 mortgage report highlights stagnating home prices and decreases in down payments resulting from a higher rate environment and declining renewal rates, as new purchases continue to hold the majority stake. Read on, and learn more!

Key takeaways

  • In August 2023, there were 0 changes to the lowest variable rate offered by nesto.
  • Purchases continue to hold the majority stake of applications as renewals continue to decline.
  • Average Canadian home purchase prices decreased for the 4th month in a row, this time by $90K, alongside a marked national reduction in median down payments in most provinces. 
  • In contrast, ON purchase prices and median down payments recovered from their decline since May. Meanwhile, QC prices maintain their plateau at $400K.

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METHODOLOGY

The data used for this study comes from nesto’s online application and is solely based on the experience of nesto.ca customers/users, not the national market as a whole.

Data is collected from thousands of monthly users declaring their intent or completing online applications across Canada. The data is anonymized and aggregated for analysis.

Data presented within our Rate volatility and variances report refer to nesto’s “best rate” at any given moment. nesto’s best rate comes from any one of our many lending partners at any given moment.


Author: Chase Belair,
Co-Founder and Principal Broker at nesto

For press and research-related requests,
email us at alivia@nesto.ca.


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