Real GDP growth
2.20%
Q1 2025
−0.4 pp down 0.4 pp versus April 2025
Source: TRREB MarketWatch, May 2025
Economic indicators
May 2025
Toronto employment growth
2.80%
April 2025
+0.3 pp up 0.3 pp versus April 2025
Toronto unemployment rate
8.60%
April 2025
+0.2 pp up 0.2 pp versus April 2025
Inflation (CPI, year-over-year)
1.70%
April 2025
−0.6 pp down 0.6 pp versus April 2025
Bank of Canada overnight rate
2.80%
May 2025
no change no change versus April 2025
Prime rate
5.00%
May 2025
no change no change versus April 2025
1-year mortgage rate
6.09%
May 2025
no change no change versus April 2025
3-year mortgage rate
6.05%
May 2025
−0.5 pp down 0.5 pp versus April 2025
5-year mortgage rate
6.09%
May 2025
−0.4 pp down 0.4 pp versus April 2025
The 5-year mortgage rate fell 0.40 percentage points to 6.09% versus April 2025, lowering the cost of carrying a mortgage for buyers financing at that term.
Interest and mortgage rates
13 months to May 2025
| Month | Bank of Canada overnight rate | Prime rate | 1-year mortgage rate | 3-year mortgage rate | 5-year mortgage rate |
|---|---|---|---|---|---|
| May '24 | 5 | 7.2 | 7.84 | 6.99 | 6.84 |
| Jun '24 | 4.8 | 7 | 7.84 | 6.99 | 6.84 |
| Jul '24 | 4.5 | 7 | 7.74 | 6.94 | 6.79 |
| Aug '24 | 4.5 | 6.7 | 7.64 | 6.75 | 6.59 |
| Sep '24 | 4.3 | 6.5 | 7.24 | 6.54 | 6.49 |
| Oct '24 | 3.8 | 6 | 7.24 | 6.54 | 6.49 |
| Nov '24 | 3.8 | 6 | 7.24 | 6.54 | 6.49 |
| Dec '24 | 3.3 | 5.5 | 7.24 | 6.54 | 6.49 |
| Jan '25 | 3 | 5.5 | 7.24 | 6.54 | 6.49 |
| Feb '25 | 3 | 5.2 | 6.99 | 6.54 | 6.49 |
| Mar '25 | 2.8 | 5 | 6.79 | 6.54 | 6.49 |
| Apr '25 | 2.8 | 5 | 6.09 | 6.54 | 6.49 |
| May '25 | 2.8 | 5 | 6.09 | 6.05 | 6.09 |
Rates and prices together
5-year mortgage rate and TRREB average price
5-year mortgage rate
| Month | 5-year rate |
|---|---|
| May '24 | 6.84 |
| Jun '24 | 6.84 |
| Jul '24 | 6.79 |
| Aug '24 | 6.59 |
| Sep '24 | 6.49 |
| Oct '24 | 6.49 |
| Nov '24 | 6.49 |
| Dec '24 | 6.49 |
| Jan '25 | 6.49 |
| Feb '25 | 6.49 |
| Mar '25 | 6.49 |
| Apr '25 | 6.49 |
| May '25 | 6.09 |
TRREB average price
| Month | Average price |
|---|---|
| May '24 | 1165691 |
| Jun '24 | 1162167 |
| Jul '24 | 1106617 |
| Aug '24 | 1074425 |
| Sep '24 | 1107291 |
| Oct '24 | 1135215 |
| Nov '24 | 1106050 |
| Dec '24 | 1067186 |
| Jan '25 | 1040994 |
| Feb '25 | 1084547 |
| Mar '25 | 1093254 |
| Apr '25 | 1107463 |
| May '25 | 1120879 |
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