Real GDP growth
3.30%
Q2 2022
no change no change versus August 2022
Source: TRREB MarketWatch, September 2022
Economic indicators
September 2022
Toronto employment growth
4.70%
August 2022
−2.3 pp down 2.3 pp versus August 2022
Toronto unemployment rate
5.90%
August 2022
no change no change versus August 2022
Inflation (CPI, year-over-year)
7.00%
August 2022
−0.6 pp down 0.6 pp versus August 2022
Bank of Canada overnight rate
2.50%
August 2022
no change no change versus August 2022
Prime rate
5.50%
September 2022
+0.8 pp up 0.8 pp versus August 2022
1-year mortgage rate
5.69%
September 2022
+0.5 pp up 0.5 pp versus August 2022
3-year mortgage rate
5.74%
September 2022
+0.1 pp up 0.1 pp versus August 2022
5-year mortgage rate
6.14%
September 2022
no change no change versus August 2022
The 5-year mortgage rate held at 6.14% versus August 2022, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to September 2022
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Jun '22 | 1.5 | 3.7 | 4.74 | 5.39 | 6.04 |
| Jul '22 | 1.5 | 4.7 | 5.19 | 5.64 | 6.14 |
| Aug '22 | 2.5 | 4.7 | 5.19 | 5.64 | 6.14 |
| Sep '22 | 2.5 | 5.5 | 5.69 | 5.74 | 6.14 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| 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 |
| Jun '22 | 6.04 |
| Jul '22 | 6.14 |
| Aug '22 | 6.14 |
| Sep '22 | 6.14 |
TRREB average price
| Month | Average price |
|---|---|
| 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 |
| Jun '22 | 1146254 |
| Jul '22 | 1074754 |
| Aug '22 | 1079500 |
| Sep '22 | 1086762 |
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