Real GDP growth
5.30%
Q3 2021
no change no change versus November 2021
Source: TRREB MarketWatch, December 2021
Economic indicators
December 2021
Toronto employment growth
5.40%
November 2021
−0.7 pp down 0.7 pp versus November 2021
Toronto unemployment rate
7.70%
November 2021
−0.7 pp down 0.7 pp versus November 2021
Inflation (CPI, year-over-year)
4.70%
November 2021
no change no change versus November 2021
Bank of Canada overnight rate
0.25%
November 2021
no change no change versus November 2021
Prime rate
2.45%
November 2021
no change no change versus November 2021
1-year mortgage rate
2.79%
December 2021
no change no change versus November 2021
3-year mortgage rate
3.49%
December 2021
no change no change versus November 2021
5-year mortgage rate
4.79%
December 2021
no change no change versus November 2021
The 5-year mortgage rate held at 4.79% versus November 2021, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to December 2021
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| Dec '20 | 0.25 | 2.45 | 3.09 | 3.49 | 4.79 |
| Jan '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Feb '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Mar '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Apr '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| May '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Jun '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Jul '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Aug '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Sep '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Oct '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Nov '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Dec '21 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| Dec '20 | 4.79 |
| Jan '21 | 4.79 |
| Feb '21 | 4.79 |
| Mar '21 | 4.79 |
| Apr '21 | 4.79 |
| May '21 | 4.79 |
| Jun '21 | 4.79 |
| Jul '21 | 4.79 |
| Aug '21 | 4.79 |
| Sep '21 | 4.79 |
| Oct '21 | 4.79 |
| Nov '21 | 4.79 |
| Dec '21 | 4.79 |
TRREB average price
| Month | Average price |
|---|---|
| Dec '20 | 932222 |
| Jan '21 | 967885 |
| Feb '21 | 1045488 |
| Mar '21 | 1097565 |
| Apr '21 | 1090992 |
| May '21 | 1108453 |
| Jun '21 | 1089536 |
| Jul '21 | 1062256 |
| Aug '21 | 1070911 |
| Sep '21 | 1136280 |
| Oct '21 | 1155345 |
| Nov '21 | 1163323 |
| Dec '21 | 1157849 |
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