Real GDP growth
-1.10%
Q3 2023
no change no change versus December 2023
Source: TRREB MarketWatch, January 2024
Economic indicators
January 2024
Toronto employment growth
3.00%
December 2023
−0.6 pp down 0.6 pp versus December 2023
Toronto unemployment rate
6.70%
December 2023
+0.1 pp up 0.1 pp versus December 2023
Inflation (CPI, year-over-year)
3.40%
December 2023
+0.3 pp up 0.3 pp versus December 2023
Bank of Canada overnight rate
5.00%
January 2024
no change no change versus December 2023
Prime rate
7.20%
January 2024
no change no change versus December 2023
1-year mortgage rate
7.84%
January 2024
−0.0 pp down 0.0 pp versus December 2023
3-year mortgage rate
7.04%
January 2024
−0.2 pp down 0.2 pp versus December 2023
5-year mortgage rate
6.89%
January 2024
−0.2 pp down 0.2 pp versus December 2023
The 5-year mortgage rate fell 0.15 percentage points to 6.89% versus December 2023, lowering the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to January 2024
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jan '24 | 5 | 7.2 | 7.84 | 7.04 | 6.89 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Jan '24 | 6.89 |
TRREB average price
| Month | Average price |
|---|---|
| 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 |
| Jan '24 | 1026703 |
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