Real GDP growth
3.10%
Q1 2022
−3.5 pp down 3.5 pp versus April 2022
Source: TRREB MarketWatch, May 2022
Economic indicators
May 2022
Toronto employment growth
8.60%
April 2022
+0.8 pp up 0.8 pp versus April 2022
Toronto unemployment rate
6.30%
April 2022
−0.9 pp down 0.9 pp versus April 2022
Inflation (CPI, year-over-year)
6.80%
April 2022
+0.1 pp up 0.1 pp versus April 2022
Bank of Canada overnight rate
1.00%
May 2022
no change no change versus April 2022
Prime rate
3.20%
May 2022
no change no change versus April 2022
1-year mortgage rate
3.79%
May 2022
+0.5 pp up 0.5 pp versus April 2022
3-year mortgage rate
4.49%
May 2022
+0.4 pp up 0.4 pp versus April 2022
5-year mortgage rate
5.39%
May 2022
+0.4 pp up 0.4 pp versus April 2022
The 5-year mortgage rate rose 0.40 percentage points to 5.39% versus April 2022, raising the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to May 2022
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Apr '22 | 1 | 3.2 | 3.29 | 4.09 | 4.99 |
| May '22 | 1 | 3.2 | 3.79 | 4.49 | 5.39 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Apr '22 | 4.99 |
| May '22 | 5.39 |
TRREB average price
| Month | Average price |
|---|---|
| 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 |
| Apr '22 | 1254436 |
| May '22 | 1212806 |
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 - Statistics Canada, Quarter-over-quarter growth, annualized. ii - Statistics Canada, Year-over-year growth for the most recently reported