Real GDP growth
40.60%
Q3 2020
+33.6 pp up 33.6 pp versus October 2020
Source: TRREB MarketWatch, November 2020
Economic indicators
November 2020
Toronto employment growth
-3.50%
October 2020
+2.5 pp up 2.5 pp versus October 2020
Toronto unemployment rate
11.50%
October 2020
−1.3 pp down 1.3 pp versus October 2020
Inflation (CPI, year-over-year)
0.70%
October 2020
+0.2 pp up 0.2 pp versus October 2020
Bank of Canada overnight rate
0.25%
November 2020
no change no change versus October 2020
Prime rate
2.45%
November 2020
no change no change versus October 2020
1-year mortgage rate
3.09%
November 2020
no change no change versus October 2020
3-year mortgage rate
3.59%
November 2020
no change no change versus October 2020
5-year mortgage rate
4.79%
November 2020
no change no change versus October 2020
The 5-year mortgage rate held at 4.79% versus October 2020, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to November 2020
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jun '20 | 0.25 | 2.45 | 3.19 | 3.89 | 4.94 |
| Jul '20 | 0.25 | 2.45 | 3.09 | 3.79 | 4.94 |
| Aug '20 | 0.25 | 2.45 | 3.09 | 3.75 | 4.79 |
| Sep '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
| Oct '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
| Nov '20 | 0.25 | 2.45 | 3.09 | 3.59 | 4.79 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Jun '20 | 4.94 |
| Jul '20 | 4.94 |
| Aug '20 | 4.79 |
| Sep '20 | 4.79 |
| Oct '20 | 4.79 |
| Nov '20 | 4.79 |
TRREB average price
| Month | Average price |
|---|---|
| Nov '19 | 843637 |
| Dec '19 | 837788 |
| Jan '20 | 839363 |
| Feb '20 | 910290 |
| Mar '20 | 902680 |
| Apr '20 | 821392 |
| May '20 | 863599 |
| Jun '20 | 930869 |
| Jul '20 | 943710 |
| Aug '20 | 951404 |
| Sep '20 | 960772 |
| Oct '20 | 968318 |
| Nov '20 | 955615 |
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