Real GDP growth
2.60%
Q3 2025
no change no change versus December 2025
Source: TRREB MarketWatch, January 2026
Economic indicators
January 2026
Toronto employment growth
1.70%
December 2025
+0.9 pp up 0.9 pp versus December 2025
Toronto unemployment rate
8.10%
December 2025
−0.6 pp down 0.6 pp versus December 2025
Inflation (CPI, year-over-year)
2.40%
December 2025
+0.2 pp up 0.2 pp versus December 2025
Bank of Canada overnight rate
2.30%
January 2026
no change no change versus December 2025
Prime rate
4.50%
January 2026
no change no change versus December 2025
1-year mortgage rate
5.84%
January 2026
no change no change versus December 2025
3-year mortgage rate
6.05%
January 2026
no change no change versus December 2025
5-year mortgage rate
6.09%
January 2026
no change no change versus December 2025
The 5-year mortgage rate held at 6.09% versus December 2025, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to January 2026
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Jan '25 | 3 | 5.5 | 7.24 | 6.54 | 6.49 |
| Feb '25 | 3 | 5.2 | 6.99 | 6.54 | 6.49 |
| Mar '25 | 2.8 | 5 | 6.79 | 6.54 | 6.49 |
| Apr '25 | 2.8 | 5 | 6.09 | 6.54 | 6.49 |
| May '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
| Jun '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
| Jul '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
| Aug '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
| Sep '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
| Oct '25 | 2.3 | 4.7 | 6.09 | 6.05 | 6.09 |
| Nov '25 | 2.3 | 4.7 | 6.09 | 6.05 | 6.09 |
| Dec '25 | 2.3 | 4.5 | 5.84 | 6.05 | 6.09 |
| Jan '26 | 2.3 | 4.5 | 5.84 | 6.05 | 6.09 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Jan '25 | 6.49 |
| Feb '25 | 6.49 |
| Mar '25 | 6.49 |
| Apr '25 | 6.49 |
| May '25 | 6.09 |
| Jun '25 | 6.09 |
| Jul '25 | 6.09 |
| Aug '25 | 6.09 |
| Sep '25 | 6.09 |
| Oct '25 | 6.09 |
| Nov '25 | 6.09 |
| Dec '25 | 6.09 |
| Jan '26 | 6.09 |
TRREB average price
| Month | Average price |
|---|---|
| Jan '25 | 1040994 |
| Feb '25 | 1084547 |
| Mar '25 | 1093254 |
| Apr '25 | 1107463 |
| May '25 | 1120879 |
| Jun '25 | 1101691 |
| Jul '25 | 1051719 |
| Aug '25 | 1022143 |
| Sep '25 | 1059377 |
| Oct '25 | 1054372 |
| Nov '25 | 1039458 |
| Dec '25 | 1006735 |
| Jan '26 | 973289 |
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