Real GDP growth
0.40%
Q4 2019
no change no change versus February 2020
Source: TRREB MarketWatch, March 2020
Economic indicators
March 2020
Toronto employment growth
4.60%
February 2020
−0.3 pp down 0.3 pp versus February 2020
Toronto unemployment rate
5.40%
February 2020
−0.1 pp down 0.1 pp versus February 2020
Inflation (CPI, year-over-year)
2.20%
February 2020
−0.2 pp down 0.2 pp versus February 2020
Bank of Canada overnight rate
0.25%
March 2020
−1.5 pp down 1.5 pp versus February 2020
Prime rate
2.45%
March 2020
−1.5 pp down 1.5 pp versus February 2020
1-year mortgage rate
3.29%
March 2020
−0.4 pp down 0.4 pp versus February 2020
3-year mortgage rate
3.94%
March 2020
no change no change versus February 2020
5-year mortgage rate
5.04%
March 2020
−0.2 pp down 0.2 pp versus February 2020
The 5-year mortgage rate fell 0.15 percentage points to 5.04% versus February 2020, lowering the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to March 2020
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Mar '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Apr '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| May '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jun '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jul '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.19 |
| Aug '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Sep '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Oct '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Nov '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Dec '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Jan '20 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Feb '20 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Mar '20 | 0.25 | 2.45 | 3.29 | 3.94 | 5.04 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Mar '19 | 5.34 |
| Apr '19 | 5.34 |
| May '19 | 5.34 |
| Jun '19 | 5.34 |
| Jul '19 | 5.19 |
| Aug '19 | 5.19 |
| Sep '19 | 5.19 |
| Oct '19 | 5.19 |
| Nov '19 | 5.19 |
| Dec '19 | 5.19 |
| Jan '20 | 5.19 |
| Feb '20 | 5.19 |
| Mar '20 | 5.04 |
TRREB average price
| Month | Average price |
|---|---|
| Mar '19 | 788335 |
| Apr '19 | 820148 |
| May '19 | 838540 |
| Jun '19 | 832703 |
| Jul '19 | 806755 |
| Aug '19 | 792611 |
| Sep '19 | 843115 |
| Oct '19 | 852142 |
| Nov '19 | 843637 |
| Dec '19 | 837788 |
| Jan '20 | 839363 |
| Feb '20 | 910290 |
| Mar '20 | 902680 |
Shown side by side rather than on one dual-axis chart. Two scales sharing an axis invites the eye to read a relationship from where the lines happen to cross, which is an artifact of the scaling, not the data.
Source notes
Sources and Notes: i - Statistics Canada, Quarter-over-quarter growth, annualized - Statistics Canada, Year-over-year growth for the most recently reported month - Bank of Canada, Rate from most recent Bank of Canada announcement - Bank of Canada, Rates for most