Real GDP growth
-1.10%
Q3 2023
no change no change versus November 2023
Source: TRREB MarketWatch, December 2023
Economic indicators
December 2023
Toronto employment growth
3.60%
November 2023
no change no change versus November 2023
Toronto unemployment rate
6.60%
November 2023
no change no change versus November 2023
Inflation (CPI, year-over-year)
3.10%
November 2023
no change no change versus November 2023
Bank of Canada overnight rate
5.00%
December 2023
no change no change versus November 2023
Prime rate
7.20%
December 2023
no change no change versus November 2023
1-year mortgage rate
7.89%
December 2023
−0.2 pp down 0.2 pp versus November 2023
3-year mortgage rate
7.24%
December 2023
no change no change versus November 2023
5-year mortgage rate
7.04%
December 2023
no change no change versus November 2023
The 5-year mortgage rate held at 7.04% versus November 2023, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to December 2023
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Dec '22 | 4.3 | 6.5 | 6.34 | 6.14 | 6.49 |
| Jan '23 | 4.5 | 6.5 | 6.34 | 6.14 | 6.49 |
| Feb '23 | 4.5 | 6.7 | 6.34 | 6.14 | 6.49 |
| Mar '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
| Apr '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
| May '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
| Jun '23 | 4.8 | 7 | 7.14 | 6.54 | 6.49 |
| Jul '23 | 5 | 7.2 | 7.49 | 6.54 | 6.49 |
| Aug '23 | 5 | 7.2 | 7.89 | 6.89 | 6.79 |
| Sep '23 | 5 | 7.2 | 7.79 | 7.04 | 6.84 |
| Oct '23 | 5 | 7.2 | 8.09 | 7.14 | 7.04 |
| Nov '23 | 5 | 7.2 | 8.09 | 7.24 | 7.04 |
| Dec '23 | 5 | 7.2 | 7.89 | 7.24 | 7.04 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Dec '22 | 6.49 |
| Jan '23 | 6.49 |
| Feb '23 | 6.49 |
| Mar '23 | 6.49 |
| Apr '23 | 6.49 |
| May '23 | 6.49 |
| Jun '23 | 6.49 |
| Jul '23 | 6.49 |
| Aug '23 | 6.79 |
| Sep '23 | 6.84 |
| Oct '23 | 7.04 |
| Nov '23 | 7.04 |
| Dec '23 | 7.04 |
TRREB average price
| Month | Average price |
|---|---|
| Dec '22 | 1051216 |
| Jan '23 | 1038668 |
| Feb '23 | 1095617 |
| Mar '23 | 1108606 |
| Apr '23 | 1153269 |
| May '23 | 1196101 |
| Jun '23 | 1182120 |
| Jul '23 | 1118374 |
| Aug '23 | 1082496 |
| Sep '23 | 1119428 |
| Oct '23 | 1125928 |
| Nov '23 | 1082179 |
| Dec '23 | 1084692 |
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 - Statistics Canada, Quarter-over-quarter growth, annualized. ii - Statistics Canada, Year-over-year growth for the most recently reported