Ontario Mortgage Rates: August 2022

August 2022 -- Canadian Mortgage & Housing Market Snapshot

1) Bank of Canada rate decisions - No Bank of Canada rate announcement occurred in August 2022. - The policy rate remained: - 2.50% throughout August 2022 - The most recent decision before August was: - July 13, 2022 -- raised to 2.50% - The next decision after August was: - September 7, 2022 -- raised to 3.25% - So for August 2022 specifically, the effective overnight rate remained 2.50% all month.

2) Mortgage rate snapshot -- August 2022 The broad August 2022 mortgage-rate picture was:

• Prime rate: about 4.70%
• Variable rates:
• generally in the mid-4% range
• depending on lender discounts and borrower profile
• 5-year fixed:
• generally in the high-4% to mid-5% range
• fixed-rate pricing remained elevated after the July tightening shock
• Practical takeaway:
• August 2022 was firmly a high-rate adjustment period relative to the prior two years
• affordability and qualification were much more difficult than they had been earlier in 2022

Caveat: I did not find a single authoritative national source giving an exact Canada-wide “average 5-year fixed” and “average variable” for August 2022 only, so these remain approximate market ranges.

Canada (national) Month-specific reporting for August 2022 showed: - National home sales: up 1.3% month-over-month from July - National average sale price: about $637,673 - down about 3.9% year-over-year - Months of inventory: around 3.3 months - Interpretation: - the housing market showed a slight month-over-month stabilization in sales - but prices remained below year-ago levels nationally and the market was still far cooler than in 2021 / early 2022

GTA / Ontario proxy For TRREB / GTA August 2022: - Sales: 5,627 - Year-over-year sales change: -34.2% - Average selling price: $1,079,395 - up 0.7% year-over-year - New listings: 12,918 - up 8.8% year-over-year - Interpretation: - GTA sales remained weak relative to the prior year - average prices were no longer surging, but they were still elevated - more listings were coming to market, consistent with a cooler environment

Ontario-wide I did not find a clean primary Ontario-wide August 2022 housing dataset in this run that I’m comfortable quoting directly. The strongest Ontario-specific evidence here remains TRREB / GTA.

4) Regulatory / policy news -- August 2022 I did not verify a major new OSFI, FSRA, or federal mortgage-policy shock landing specifically in August 2022.

Best month-specific characterization - August 2022 was largely a between-hikes month - The relevant policy backdrop remained: - BoC at 2.50% - markets expecting further tightening - higher qualification and payment stress already affecting borrower behavior - No fresh August-only mortgage-rule change clearly stood out in this pass ## 5) Private/Alternative lending -- August 2022 I did not find a clean Ontario-only private-lending data release for August 2022 in this run.

Best month-specific characterization - the combination of: - higher rates - weaker resale conditions - tougher qualification likely increased the relevance of: - alternative lenders - private lending - bridge / rescue financing - But I do not have a clean August-only Ontario metric to quote directly - The main market story was still: - cooling mainstream housing demand under tighter financial conditions

6) Notable events -- August 2022 ### Major headlines - No BoC move in August - but the July 100 bp hike was still working through the market - National sales show slight monthly stabilization - up modestly from July - National prices remain below year-ago levels - GTA remains sharply cooler than 2021 - but prices are still around $1.08 million

What defined August 2022 The defining themes were: - high borrowing costs - cooling sales - price adjustment / stabilization - more listings - a market transitioning away from boom conditions but not collapsing outright ### 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 August 2022 mortgage headline in this run

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Bottom line for August 2022 - BoC: no August decision; policy rate stayed 2.50% - Mortgage rates: remained high relative to 2020–2021; variables in the mid-4% range and fixeds in the high-4% / mid-5% range - Housing market: cooler, with slight month-over-month stabilization - Canada: average price about $637,673 - GTA: 5,627 sales, average price $1,079,395 - Policy: no major new August-only mortgage-policy shock verified - Alternative lending: likely more relevant at the margin, but no clean August-only Ontario figure verified

Sources - Bank of Canada July 13, 2022 decision (used to confirm continuity through August) - Bank of Canada September 7, 2022 decision (used to confirm no August rate move in between) - CREA August 2022 release title / month-specific market reporting - TRREB market-watch references / August 2022 figures surfaced in search results - Secondary coverage summarizing August 2022 GTA data: - - - Rate references - - -

Caveats - You asked for August 2022 only, so I kept this month-specific. - I could verify the policy-rate continuity strongly and the broad market pattern from month-specific reporting/search-result evidence. - I did not directly extract a clean primary Ontario-wide August 2022 dataset in this run. - I also did not find a single authoritative national “average 5-year fixed / average variable” series for August 2022 only, so the mortgage-rate section remains an approximate market snapshot rather than a precise official average.