Real GDP growth
6.60%
Q4 2021
no change no change versus March 2022
Source: TRREB MarketWatch, April 2022
Economic indicators
April 2022
Toronto employment growth
7.80%
March 2022
−0.3 pp down 0.3 pp versus March 2022
Toronto unemployment rate
7.20%
March 2022
−0.2 pp down 0.2 pp versus March 2022
Inflation (CPI, year-over-year)
6.70%
March 2022
+1.0 pp up 1.0 pp versus March 2022
Bank of Canada overnight rate
1.00%
April 2022
+0.5 pp up 0.5 pp versus March 2022
Prime rate
3.20%
April 2022
+0.5 pp up 0.5 pp versus March 2022
1-year mortgage rate
3.29%
April 2022
+0.3 pp up 0.3 pp versus March 2022
3-year mortgage rate
4.09%
April 2022
+0.4 pp up 0.4 pp versus March 2022
5-year mortgage rate
4.99%
April 2022
+0.2 pp up 0.2 pp versus March 2022
The 5-year mortgage rate rose 0.20 percentage points to 4.99% versus March 2022, raising the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to April 2022
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Mar '22 | 0.5 | 2.7 | 2.99 | 3.69 | 4.79 |
| Apr '22 | 1 | 3.2 | 3.29 | 4.09 | 4.99 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Mar '22 | 4.79 |
| Apr '22 | 4.99 |
TRREB average price
| Month | Average price |
|---|---|
| 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 |
| Mar '22 | 1299894 |
| Apr '22 | 1254436 |
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