Ontario Mortgage Rates: November 2022

November 2022 -- Canadian Mortgage & Housing Market Snapshot

1) Bank of Canada rate decisions - No Bank of Canada rate announcement occurred in November 2022. - The policy rate remained: - 3.75% throughout November 2022 - The most recent decision before November was: - October 26, 2022 -- raised to 3.75% - The next decision after November was: - December 7, 2022 -- raised to 4.25% - So for November 2022 specifically, the effective overnight rate remained 3.75% all month.

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

• Prime rate: about 5.95%
• Variable rates:
• generally in the mid-5% to low-6% range
• depending on lender discounts and borrower profile
• 5-year fixed:
• generally in the mid-5% range
• still elevated compared with prior years, though precise lender pricing varied
• Practical takeaway:
• November 2022 remained a very tight financing environment
• mortgage affordability had deteriorated sharply relative to 2020–2021

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

Canada (national) Month-specific reporting for November 2022 showed: - National home sales: down 3.3% month-over-month from October - National average sale price: about $632,802 - down about 12.4% year-over-year - Months of inventory: around 3.8 months - Interpretation: - national activity remained weak - prices stayed below year-ago levels - inventory had risen materially from the tightest pandemic conditions

GTA / Ontario proxy For TRREB / GTA November 2022: - Sales: 4,544 - Year-over-year sales change: -49.4% - Average selling price: $1,079,395 - down 7.2% year-over-year - New listings: 8,880 - down 8.1% year-over-year - Interpretation: - GTA sales remained very weak - average prices were below November 2021 levels - the market was still in a clear correction phase

Ontario-wide I did not find a clean primary Ontario-wide November 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 -- November 2022 I did not verify a major new OSFI, FSRA, or federal mortgage-policy shock landing specifically in November 2022.

Best month-specific characterization - November 2022 was mainly a between-hikes month - The relevant backdrop remained: - BoC at 3.75% - high borrowing costs - housing-market correction underway - continued concern over payment shock and affordability - No fresh November-only mortgage-rule change clearly stood out in this pass

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

Best month-specific characterization - as higher rates and weaker resale conditions persisted, private and alternative lending likely remained relevant for: - borrowers unable to requalify conventionally - borrowers dealing with trigger-rate/payment stress - borrowers needing short-term bridge or restructuring options - But I do not have a clean November-only Ontario metric to quote directly - The main story remained: - broad market adjustment under higher rates

Major headlines - No BoC move in November - but the October hike was still weighing on borrowers and the market - National sales and prices remain weak - GTA prices remain below year-ago levels - with sales down nearly 50% YoY - Correction continues - inventory up from prior extremes - buyer demand still constrained by higher rates

What defined November 2022 The defining themes were: - high borrowing costs - weak sales - year-over-year price declines - qualification stress - waiting for the next BoC move ### 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 2022 mortgage headline in this run

Bottom line for November 2022 - BoC: no November decision; policy rate stayed 3.75% - Mortgage rates: remained high; variable rates were in the mid-5% / low-6% range and fixeds around the mid-5% range - Housing market: correction continued - Canada: average price about $632,802 - GTA: 4,544 sales, average price $1,079,395 - Policy: no major new November-only mortgage-policy shock verified - Alternative lending: likely relevant at the margin, but no clean November-only Ontario figure verified

Caveats - You asked for November 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 November 2022 dataset in this run. - I also did not** find a single authoritative national “average 5-year fixed / average variable” series for November 2022 only, so the mortgage-rate section remains an approximate market snapshot rather than a precise official average.