Real GDP growth
2.00%
Q3 2018
no change no change versus December 2018
Source: TRREB MarketWatch, January 2019
Economic indicators
January 2019
Toronto employment growth
0.90%
December 2018
+0.2 pp up 0.2 pp versus December 2018
Toronto unemployment rate
6.00%
December 2018
−0.2 pp down 0.2 pp versus December 2018
Inflation (CPI, year-over-year)
2.00%
December 2018
+0.3 pp up 0.3 pp versus December 2018
Bank of Canada overnight rate
1.75%
January 2019
no change no change versus December 2018
Prime rate
3.95%
January 2019
no change no change versus December 2018
1-year mortgage rate
3.64%
January 2019
no change no change versus December 2018
3-year mortgage rate
4.29%
January 2019
no change no change versus December 2018
5-year mortgage rate
5.34%
January 2019
no change no change versus December 2018
The 5-year mortgage rate held at 5.34% versus December 2018, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to January 2019
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jun '18 | 1.25 | 3.45 | 3.49 | 4.3 | 5.34 |
| Jul '18 | 1.5 | 3.7 | 3.49 | 4.3 | 5.34 |
| Aug '18 | 1.5 | 3.7 | 3.49 | 4.3 | 5.34 |
| Sep '18 | 1.5 | 3.7 | 3.49 | 4.3 | 5.34 |
| Oct '18 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Nov '18 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Dec '18 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jan '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Jan '18 | 5.14 |
| Feb '18 | 5.14 |
| Mar '18 | 5.14 |
| Apr '18 | 5.14 |
| May '18 | 5.34 |
| Jun '18 | 5.34 |
| Jul '18 | 5.34 |
| Aug '18 | 5.34 |
| Sep '18 | 5.34 |
| Oct '18 | 5.34 |
| Nov '18 | 5.34 |
| Dec '18 | 5.34 |
| Jan '19 | 5.34 |
TRREB average price
| Month | Average price |
|---|---|
| Jan '18 | 736783 |
| Feb '18 | 767818 |
| Mar '18 | 784558 |
| Apr '18 | 804584 |
| May '18 | 809305 |
| Jun '18 | 807871 |
| Jul '18 | 782129 |
| Aug '18 | 765270 |
| Sep '18 | 796786 |
| Oct '18 | 807340 |
| Nov '18 | 788345 |
| Dec '18 | 750180 |
| Jan '19 | 748328 |
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