Real GDP growth
40.60%
Q3 2020
no change no change versus December 2020
Source: TRREB MarketWatch, January 2021
Economic indicators
January 2021
Toronto employment growth
-2.30%
December 2020
−0.1 pp down 0.1 pp versus December 2020
Toronto unemployment rate
10.70%
December 2020
no change no change versus December 2020
Inflation (CPI, year-over-year)
0.70%
December 2020
−0.3 pp down 0.3 pp versus December 2020
Bank of Canada overnight rate
0.25%
January 2021
no change no change versus December 2020
Prime rate
2.45%
January 2021
no change no change versus December 2020
1-year mortgage rate
2.79%
January 2021
−0.3 pp down 0.3 pp versus December 2020
3-year mortgage rate
3.49%
January 2021
no change no change versus December 2020
5-year mortgage rate
4.79%
January 2021
no change no change versus December 2020
The 5-year mortgage rate held at 4.79% versus December 2020, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to January 2021
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Apr '20 | 0.25 | 2.45 | 3.29 | 4.05 | 5.04 |
| May '20 | 0.25 | 2.45 | 3.19 | 3.89 | 4.94 |
| Jun '20 | 0.25 | 2.45 | 3.19 | 3.89 | 4.94 |
| Jul '20 | 0.25 | 2.45 | 3.09 | 3.79 | 4.94 |
| Aug '20 | 0.25 | 2.45 | 3.09 | 3.75 | 4.79 |
| Sep '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
| Oct '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
| Nov '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
| Dec '20 | 0.25 | 2.45 | 3.09 | 3.49 | 4.79 |
| Jan '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Jan '20 | 5.19 |
| Feb '20 | 5.19 |
| Mar '20 | 5.04 |
| Apr '20 | 5.04 |
| May '20 | 4.94 |
| Jun '20 | 4.94 |
| Jul '20 | 4.94 |
| Aug '20 | 4.79 |
| Sep '20 | 4.79 |
| Oct '20 | 4.79 |
| Nov '20 | 4.79 |
| Dec '20 | 4.79 |
| Jan '21 | 4.79 |
TRREB average price
| Month | Average price |
|---|---|
| Jan '20 | 839363 |
| Feb '20 | 910290 |
| Mar '20 | 902680 |
| Apr '20 | 821392 |
| May '20 | 863599 |
| Jun '20 | 930869 |
| Jul '20 | 943710 |
| Aug '20 | 951404 |
| Sep '20 | 960772 |
| Oct '20 | 968318 |
| Nov '20 | 955615 |
| Dec '20 | 932222 |
| Jan '21 | 967885 |
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