Real GDP growth
3.10%
Q1 2023
+3.1 pp up 3.1 pp versus April 2023
Source: TRREB MarketWatch, May 2023
Economic indicators
May 2023
Toronto employment growth
2.40%
April 2023
−0.2 pp down 0.2 pp versus April 2023
Toronto unemployment rate
5.60%
April 2023
−0.2 pp down 0.2 pp versus April 2023
Inflation (CPI, year-over-year)
4.40%
April 2023
+0.1 pp up 0.1 pp versus April 2023
Bank of Canada overnight rate
4.50%
May 2023
no change no change versus April 2023
Prime rate
6.70%
May 2023
no change no change versus April 2023
1-year mortgage rate
6.29%
May 2023
no change no change versus April 2023
3-year mortgage rate
6.14%
May 2023
no change no change versus April 2023
5-year mortgage rate
6.49%
May 2023
no change no change versus April 2023
The 5-year mortgage rate held at 6.49% versus April 2023, so financing costs were essentially unchanged month-over-month.
Interest and mortgage rates
13 months to May 2023
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| 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 |
| Oct '22 | 3.8 | 5.5 | 6.09 | 6.04 | 6.49 |
| Nov '22 | 3.8 | 6 | 6.09 | 6.04 | 6.49 |
| Dec '22 | 4.3 | 6.5 | 6.34 | 6.14 | 6.49 |
| Jan '23 | 4.5 | 6.5 | 6.34 | 6.14 | 6.49 |
| Feb '23 | 4.5 | 6.7 | 6.34 | 6.14 | 6.49 |
| Mar '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
| Apr '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
| May '23 | 4.5 | 6.7 | 6.29 | 6.14 | 6.49 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| May '22 | 5.39 |
| Jun '22 | 6.04 |
| Jul '22 | 6.14 |
| Aug '22 | 6.14 |
| Sep '22 | 6.14 |
| Oct '22 | 6.49 |
| Nov '22 | 6.49 |
| Dec '22 | 6.49 |
| Jan '23 | 6.49 |
| Feb '23 | 6.49 |
| Mar '23 | 6.49 |
| Apr '23 | 6.49 |
| May '23 | 6.49 |
TRREB average price
| Month | Average price |
|---|---|
| May '22 | 1212806 |
| Jun '22 | 1146254 |
| Jul '22 | 1074754 |
| Aug '22 | 1079500 |
| Sep '22 | 1086762 |
| Oct '22 | 1089428 |
| Nov '22 | 1079395 |
| Dec '22 | 1051216 |
| Jan '23 | 1038668 |
| Feb '23 | 1095617 |
| Mar '23 | 1108606 |
| Apr '23 | 1153269 |
| May '23 | 1196101 |
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