Real GDP growth
2.90%
Q2 2018
+1.2 pp up 1.2 pp versus April 2018
Source: TRREB MarketWatch, May 2018
Economic indicators
May 2018
Toronto employment growth
2.20%
May 2018
−1.0 pp down 1.0 pp versus April 2018
Toronto unemployment rate
6.20%
May 2018
+0.4 pp up 0.4 pp versus April 2018
Inflation (CPI, year-over-year)
2.20%
May 2018
−0.1 pp down 0.1 pp versus April 2018
Bank of Canada overnight rate
1.25%
May 2018
no change no change versus April 2018
Prime rate
3.45%
May 2018
no change no change versus April 2018
1-year mortgage rate
3.49%
May 2018
+0.2 pp up 0.2 pp versus April 2018
3-year mortgage rate
4.30%
May 2018
+0.1 pp up 0.1 pp versus April 2018
5-year mortgage rate
5.34%
May 2018
+0.2 pp up 0.2 pp versus April 2018
The 5-year mortgage rate rose 0.20 percentage points to 5.34% versus April 2018, raising the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to May 2018
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| May '17 | 0.5 | 2.7 | 3.14 | 3.39 | 4.64 |
| Jun '17 | 0.5 | 2.7 | 3.14 | 3.39 | 4.64 |
| Jul '17 | 0.75 | 2.95 | 3.14 | 3.39 | 4.84 |
| Aug '17 | 0.75 | 2.95 | 3.14 | 3.39 | 4.84 |
| Sep '17 | 1 | 3.2 | 3.09 | 3.59 | 4.89 |
| Oct '17 | 1 | 3.2 | 3.24 | 3.64 | 4.99 |
| Nov '17 | 1 | 3.2 | 3.24 | 3.74 | 4.99 |
| Dec '17 | 1 | 3.2 | 3.24 | 3.74 | 4.99 |
| Jan '18 | 1.25 | 3.45 | 3.34 | 4.15 | 5.14 |
| Feb '18 | 1.25 | 3.45 | 3.34 | 4.15 | 5.14 |
| Mar '18 | 1.25 | 3.45 | 3.34 | 4.15 | 5.14 |
| Apr '18 | 1.25 | 3.45 | 3.34 | 4.15 | 5.14 |
| May '18 | 1.25 | 3.45 | 3.49 | 4.3 | 5.34 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| May '17 | 4.64 |
| Jun '17 | 4.64 |
| Jul '17 | 4.84 |
| Aug '17 | 4.84 |
| Sep '17 | 4.89 |
| Oct '17 | 4.99 |
| Nov '17 | 4.99 |
| Dec '17 | 4.99 |
| Jan '18 | 5.14 |
| Feb '18 | 5.14 |
| Mar '18 | 5.14 |
| Apr '18 | 5.14 |
| May '18 | 5.34 |
TRREB average price
| Month | Average price |
|---|---|
| May '17 | 863910 |
| Jun '17 | 793915 |
| Jul '17 | 746218 |
| Aug '17 | 732292 |
| Sep '17 | 775546 |
| Oct '17 | 780104 |
| Nov '17 | 761757 |
| Dec '17 | 735021 |
| Jan '18 | 736783 |
| Feb '18 | 767818 |
| Mar '18 | 784558 |
| Apr '18 | 804584 |
| May '18 | 809305 |
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