Ontario Mortgage Rates: September 2022

September 2022 -- Canadian Mortgage & Housing Market Snapshot

1) Bank of Canada rate decisions - Date: September 7, 2022 - Decision: Rate hike - Overnight rate: 2.50% → 3.25% - Change: +75 basis points - Rationale: The Bank said inflation remained too high and broad-based, demand in the economy continued to exceed supply, and further interest-rate increases would be required. It reinforced that restoring price stability was the priority. - Important context: September 2022 was another major tightening month and confirmed that the BoC was still in aggressive anti-inflation mode.

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

• Prime rate: moved up to about 5.45% after the September 7 hike
• Variable rates:
• generally moved into the high-4% to mid-5% range
• depending on lender discounts and borrower profile
• 5-year fixed:
• generally in the high-4% to mid-5% range
• some pricing moved higher depending on lender/channel and bond-market volatility
• Practical takeaway:
• by September 2022, borrowing costs had reset dramatically higher
• affordability and qualification pressure were now central market forces

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

Canada (national) Month-specific reporting for September 2022 showed: - National home sales: down 3.9% month-over-month from August - National average sale price: about $640,479 - down about 6.6% year-over-year - Months of inventory: around 3.7 months - Interpretation: - national activity continued to slow - prices remained below year-ago levels - inventory was rebuilding compared with the extreme scarcity of 2021 / early 2022

GTA / Ontario proxy For TRREB / GTA September 2022: - Sales: 5,038 - Year-over-year sales change: -44.1% - Average selling price: $1,086,762 - down 4.3% year-over-year - New listings: 11,236 - down 16.7% year-over-year - Interpretation: - GTA sales remained sharply weaker than a year earlier - average prices were now below September 2021 levels - the market was clearly in correction / adjustment mode

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

Major policy development - September 7, 2022: BoC raises the overnight rate by 75 bps to 3.25% - This had major mortgage-market significance because: - variable-rate borrowers faced higher payments / trigger-rate pressure - qualification became more difficult - housing demand cooled further ### OSFI / FSRA / federal - I did not verify a separate major OSFI, FSRA, or federal mortgage-rule shock landing specifically in September 2022 that rivaled the BoC hike - So the dominant September policy story was: - continued rapid monetary tightening

5) Private / alternative lending -- September 2022 I did not find a clean Ontario-only private-lending data release for September 2022 in this run.

Best month-specific characterization - rising rates, falling sales, and tighter qualification likely increased reliance on: - private lenders - alternative mortgage channels - restructuring / bridge solutions for some borrowers - But I do not have a clean September-only Ontario metric to quote directly - The dominant story remained: - mainstream market adjustment under high rates ## 6) Notable events -- September 2022

Major headlines - September 7: BoC hikes 75 bps - National housing market weakens further - sales down again - average prices below prior-year levels - GTA average price falls year-over-year - one of the clearer signs of how much the Ontario market had turned - Affordability shock deepens - borrowing costs now look radically different from 2021 conditions

What defined September 2022 The defining themes were: - aggressive rate hikes - falling sales - price correction - rising inventory - increased payment and qualification stress

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 September 2022 mortgage headline in this run

---

Bottom line for September 2022 - BoC: hiked from 2.50% to 3.25% on September 7 - Mortgage rates: materially higher; variables and fixeds were both in the high-4% / mid-5% zone - Housing market: continued cooling - Canada: average price about $640,479 - GTA: 5,038 sales, average price $1,086,762 - Policy: the defining September event was the 75 bp BoC hike - Alternative lending: likely more relevant at the margin, but no clean September-only Ontario figure verified ## Sources - Bank of Canada -- September 7, 2022 decision - CREA September 2022 release title / month-specific market reporting - TRREB market-watch references / September 2022 figures surfaced in search results - Secondary coverage summarizing September 2022 GTA data: - - - Rate references - - -

Caveats - You asked for September 2022 only, so I kept this month-specific. - I could verify the BoC September 7 hike strongly from the primary source. - I relied on month-specific market reporting and search-result evidence for national and GTA figures; I did not directly extract a clean primary Ontario-wide dataset in this run. - I also did not find a single authoritative national “average 5-year fixed / average variable” series for September 2022 only, so the mortgage-rate section remains an approximate market snapshot rather than a precise official average.