Ontario Mortgage Rates: November 2021

November 2021 -- Canadian Mortgage & Housing Market Snapshot

1) Bank of Canada rate decisions - No Bank of Canada rate announcement occurred in November 2021. - The policy rate remained: - 0.25% throughout November 2021 - The most recent decision before November was: - October 27, 2021 -- held at 0.25% and ended QE purchases - The next decision after November was: - December 8, 2021 -- also held at 0.25% - So for November 2021 specifically, the effective overnight rate remained 0.25% all month.

2) Mortgage rate snapshot -- November 2021 The broad November 2021 mortgage-rate picture was:

• Prime rate: about 2.45%
• Variable rates:
• generally still in the low-2% range
• remained appealing because the BoC had not yet begun raising rates
• 5-year fixed:
• generally in the low-2% to mid-2% range
• markets were increasingly sensitive to inflation and tightening expectations after the BoC ended QE in October
• Practical takeaway:
• November 2021 remained a low-rate mortgage environment
• but expectations were building that the next major shift would eventually be upward

Caveat: I did not find a single authoritative national source giving one exact Canada-wide “average 5-year fixed” and “average variable” for November 2021 only, so these remain approximate market ranges.

Canada (national) Month-specific reporting for November 2021 showed: - National home sales: up 0.6% month-over-month from October - Year-over-year sales: down versus November 2020, but still historically strong - National average sale price: about $720,850 - up about 13.6% year-over-year - Months of inventory: around 2.1 months - Interpretation: - the national market remained very tight - prices stayed elevated and sales were still robust by historical standards

GTA / Ontario proxy For TRREB / GTA November 2021: - Sales: 9,017 - Year-over-year sales change: +2.6% - Average selling price: $1,163,323 - up 21.7% year-over-year - New listings: 11,439 - down 13.2% year-over-year - Interpretation: - GTA activity remained firm - prices climbed further above $1.16 million - supply continued to tighten, supporting further price inflation

Ontario-wide I did not find a clean primary Ontario-wide November 2021 housing dataset in this run that I’m comfortable quoting directly. The strongest Ontario-specific evidence here remains TRREB / GTA.

4) Regulatory / policy news -- November 2021 I did not verify a major new OSFI, FSRA, or federal mortgage-policy shock landing specifically in November 2021.

Best month-specific characterization - November 2021 was largely a continuation month - The relevant policy backdrop remained: - BoC at 0.25% - QE already ended - stress-test changes already in effect - growing market attention on inflation, affordability, and the likelihood of future tightening - No fresh November-only mortgage-rule change clearly stood out in this pass

5) Private / alternative lending -- November 2021 I did not find a clean Ontario-only private-lending data release for November 2021 in this run.

Best month-specific characterization - alternative / private lenders remained relevant for borrowers constrained by: - stress-test qualification - affordability pressure - non-standard income / documentation - But I do not have a clean November-only Ontario metric to quote - The main market story remained: - low inventory - high prices - and anticipation of future policy tightening

6) Notable events -- November 2021 ### Major headlines - No BoC move in November - but the post-QE environment from late October remained important - Housing market remains very tight - national sales edge higher month-over-month - inventory remains extremely low - GTA average price rises above $1.16 million - Supply shortages continue - one of the clearest themes supporting high prices

What defined November 2021 The defining themes were: - low rates still in place - low supply - high prices - inflation concerns increasing - growing market awareness that the easy-money regime would not last forever ### Fraud / court / lender events - I did not find a single clearly dominant mortgage fraud case, lender collapse, or court ruling that I could confidently verify as a defining November 2021 mortgage headline in this run

Bottom line for November 2021 - BoC: no November decision; policy rate stayed 0.25% - Mortgage rates: still low, though tightening expectations were increasingly relevant - Housing market: remained very tight and expensive - Canada: average price about $720,850 - GTA: 9,017 sales, average price $1,163,323 - Policy: no major new November-only mortgage-policy shock verified - Alternative lending: still relevant at the margin, but not the defining story of the month

Caveats - You asked for November 2021 only, so I kept this month-specific. - I could verify the policy-rate continuity strongly and the broad market pattern from month-specific reporting and search-result evidence. - I did not directly extract a clean primary Ontario-wide November 2021 dataset in this run. - I also did not** find a single authoritative national “average 5-year fixed / average variable” series for November 2021 only, so the mortgage-rate section remains an approximate market snapshot rather than a precise official average.