Real GDP growth
1.30%
Q3 2019
−2.4 pp down 2.4 pp versus November 2019
Source: TRREB MarketWatch, December 2019
Economic indicators
December 2019
Toronto employment growth
5.30%
November 2019
−0.3 pp down 0.3 pp versus November 2019
Toronto unemployment rate
5.70%
November 2019
−0.1 pp down 0.1 pp versus November 2019
Inflation (CPI, year-over-year)
2.20%
November 2019
+0.3 pp up 0.3 pp versus November 2019
Bank of Canada overnight rate
1.75%
December 2019
no change no change versus November 2019
Prime rate
3.95%
December 2019
no change no change versus November 2019
1-year mortgage rate
3.64%
December 2019
no change no change versus November 2019
3-year mortgage rate
3.94%
December 2019
no change no change versus November 2019
5-year mortgage rate
5.19%
December 2019
no change no change versus November 2019
The 5-year mortgage rate held at 5.19% versus November 2019, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to December 2019
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Dec '18 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jan '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Feb '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Mar '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Apr '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| May '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jun '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.34 |
| Jul '19 | 1.75 | 3.95 | 3.64 | 4.29 | 5.19 |
| Aug '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Sep '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Oct '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Nov '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Dec '19 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Dec '18 | 5.34 |
| Jan '19 | 5.34 |
| Feb '19 | 5.34 |
| Mar '19 | 5.34 |
| Apr '19 | 5.34 |
| May '19 | 5.34 |
| Jun '19 | 5.34 |
| Jul '19 | 5.19 |
| Aug '19 | 5.19 |
| Sep '19 | 5.19 |
| Oct '19 | 5.19 |
| Nov '19 | 5.19 |
| Dec '19 | 5.19 |
TRREB average price
| Month | Average price |
|---|---|
| Dec '18 | 750180 |
| Jan '19 | 748328 |
| Feb '19 | 780397 |
| Mar '19 | 788335 |
| Apr '19 | 820148 |
| May '19 | 838540 |
| Jun '19 | 832703 |
| Jul '19 | 806755 |
| Aug '19 | 792611 |
| Sep '19 | 843115 |
| Oct '19 | 852142 |
| Nov '19 | 843637 |
| Dec '19 | 837788 |
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