Real GDP growth
6.60%
Q4 2021
+1.3 pp up 1.3 pp versus January 2022
Source: TRREB MarketWatch, February 2022
Economic indicators
February 2022
Toronto employment growth
6.90%
January 2022
+0.6 pp up 0.6 pp versus January 2022
Toronto unemployment rate
7.70%
January 2022
+0.3 pp up 0.3 pp versus January 2022
Inflation (CPI, year-over-year)
5.10%
January 2022
+0.3 pp up 0.3 pp versus January 2022
Bank of Canada overnight rate
0.25%
February 2022
no change no change versus January 2022
Prime rate
2.45%
February 2022
no change no change versus January 2022
1-year mortgage rate
2.79%
February 2022
no change no change versus January 2022
3-year mortgage rate
3.49%
February 2022
no change no change versus January 2022
5-year mortgage rate
4.79%
February 2022
no change no change versus January 2022
The 5-year mortgage rate held at 4.79% versus January 2022, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to February 2022
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Feb '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Mar '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Apr '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| May '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Jun '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Jul '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Aug '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Sep '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Oct '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Nov '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Dec '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Jan '22 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Feb '22 | 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 |
|---|---|
| Feb '21 | 4.79 |
| Mar '21 | 4.79 |
| Apr '21 | 4.79 |
| May '21 | 4.79 |
| Jun '21 | 4.79 |
| Jul '21 | 4.79 |
| Aug '21 | 4.79 |
| Sep '21 | 4.79 |
| Oct '21 | 4.79 |
| Nov '21 | 4.79 |
| Dec '21 | 4.79 |
| Jan '22 | 4.79 |
| Feb '22 | 4.79 |
TRREB average price
| Month | Average price |
|---|---|
| Feb '21 | 1045488 |
| Mar '21 | 1097565 |
| Apr '21 | 1090992 |
| May '21 | 1108453 |
| Jun '21 | 1089536 |
| Jul '21 | 1062256 |
| Aug '21 | 1070911 |
| Sep '21 | 1136280 |
| Oct '21 | 1155345 |
| Nov '21 | 1163323 |
| Dec '21 | 1157849 |
| Jan '22 | 1242793 |
| Feb '22 | 1334544 |
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