Real GDP growth
6.60%
Q4 2021
no change no change versus February 2022
Source: TRREB MarketWatch, March 2022
Economic indicators
March 2022
Toronto employment growth
8.10%
February 2022
+1.2 pp up 1.2 pp versus February 2022
Toronto unemployment rate
7.40%
February 2022
−0.3 pp down 0.3 pp versus February 2022
Inflation (CPI, year-over-year)
5.70%
February 2022
+0.6 pp up 0.6 pp versus February 2022
Bank of Canada overnight rate
0.50%
March 2022
+0.3 pp up 0.3 pp versus February 2022
Prime rate
2.70%
March 2022
+0.3 pp up 0.3 pp versus February 2022
1-year mortgage rate
2.99%
March 2022
+0.2 pp up 0.2 pp versus February 2022
3-year mortgage rate
3.69%
March 2022
+0.2 pp up 0.2 pp versus February 2022
5-year mortgage rate
4.79%
March 2022
no change no change versus February 2022
The 5-year mortgage rate held at 4.79% versus February 2022, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to March 2022
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jan '22 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Feb '22 | 0.25 | 2.45 | 2.79 | 3.49 | 4.79 |
| Mar '22 | 0.5 | 2.7 | 2.99 | 3.69 | 4.79 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Jan '22 | 4.79 |
| Feb '22 | 4.79 |
| Mar '22 | 4.79 |
TRREB average price
| Month | Average price |
|---|---|
| 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 |
| Jan '22 | 1242793 |
| Feb '22 | 1334544 |
| Mar '22 | 1299894 |
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