Real GDP growth
-8.20%
Q1 2020
−8.6 pp down 8.6 pp versus April 2020
Source: TRREB MarketWatch, May 2020
Economic indicators
May 2020
Toronto employment growth
-5.40%
April 2020
−7.2 pp down 7.2 pp versus April 2020
Toronto unemployment rate
7.90%
April 2020
+1.9 pp up 1.9 pp versus April 2020
Inflation (CPI, year-over-year)
-0.20%
April 2020
−1.1 pp down 1.1 pp versus April 2020
Bank of Canada overnight rate
0.25%
May 2020
no change no change versus April 2020
Prime rate
2.45%
May 2020
no change no change versus April 2020
1-year mortgage rate
3.19%
May 2020
−0.1 pp down 0.1 pp versus April 2020
3-year mortgage rate
3.89%
May 2020
−0.2 pp down 0.2 pp versus April 2020
5-year mortgage rate
4.94%
May 2020
−0.1 pp down 0.1 pp versus April 2020
The 5-year mortgage rate fell 0.10 percentage points to 4.94% versus April 2020, lowering the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to May 2020
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jan '20 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Feb '20 | 1.75 | 3.95 | 3.64 | 3.94 | 5.19 |
| Mar '20 | 0.25 | 2.45 | 3.29 | 3.94 | 5.04 |
| Apr '20 | 0.25 | 2.45 | 3.29 | 4.05 | 5.04 |
| May '20 | 0.25 | 2.45 | 3.19 | 3.89 | 4.94 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Jan '20 | 5.19 |
| Feb '20 | 5.19 |
| Mar '20 | 5.04 |
| Apr '20 | 5.04 |
| May '20 | 4.94 |
TRREB average price
| Month | Average price |
|---|---|
| May '19 | 838540 |
| Jun '19 | 832703 |
| Jul '19 | 806755 |
| Aug '19 | 792611 |
| Sep '19 | 843115 |
| Oct '19 | 852142 |
| Nov '19 | 843637 |
| Dec '19 | 837788 |
| Jan '20 | 839363 |
| Feb '20 | 910290 |
| Mar '20 | 902680 |
| Apr '20 | 821392 |
| May '20 | 863599 |
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 - Bank of Canada, Rates for most