Real GDP growth
-0.10%
Q1 2026
no change no change versus June 2026
Source: TRREB MarketWatch, July 2026
Economic indicators
July 2026
Toronto employment growth
0.90%
June 2026
+0.2 pp up 0.2 pp versus June 2026
Toronto unemployment rate
7.20%
June 2026
−0.4 pp down 0.4 pp versus June 2026
Inflation (CPI, year-over-year)
2.80%
June 2026
−0.4 pp down 0.4 pp versus June 2026
Bank of Canada overnight rate
2.30%
July 2026
no change no change versus June 2026
Prime rate
4.50%
July 2026
no change no change versus June 2026
1-year mortgage rate
5.49%
July 2026
no change no change versus June 2026
3-year mortgage rate
6.05%
July 2026
no change no change versus June 2026
5-year mortgage rate
6.09%
July 2026
no change no change versus June 2026
The 5-year mortgage rate held at 6.09% versus June 2026, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to July 2026
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Feb '26 | 2.3 | 4.5 | 5.84 | 6.05 | 6.09 |
| Mar '26 | 2.3 | 4.5 | 5.49 | 6.05 | 6.09 |
| Apr '26 | 2.3 | 4.5 | 5.49 | 6.05 | 6.09 |
| May '26 | 2.3 | 4.5 | 5.49 | 6.05 | 6.09 |
| Jun '26 | 2.3 | 4.5 | 5.49 | 6.05 | 6.09 |
| Jul '26 | 2.3 | 4.5 | 5.49 | 6.05 | 6.09 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Feb '26 | 6.09 |
| Mar '26 | 6.09 |
| Apr '26 | 6.09 |
| May '26 | 6.09 |
| Jun '26 | 6.09 |
| Jul '26 | 6.09 |
TRREB average price
| Month | Average price |
|---|---|
| Jul '25 | 1051719 |
| Aug '25 | 1022143 |
| Sep '25 | 1059377 |
| Oct '25 | 1054372 |
| Nov '25 | 1039458 |
| Dec '25 | 1006735 |
| Jan '26 | 973289 |
| Feb '26 | 1008968 |
| Mar '26 | 1017796 |
| Apr '26 | 1051969 |
| May '26 | 1069700 |
| Jun '26 | 1058658 |
| Jul '26 | 1003956 |
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