Held — and the two Toronto markets, in numbers
A fourth hold, and prime stays at 4.45%. There is not much to say about the rate itself, so it is worth using the space on something more useful.
The single most important thing to understand about buying in the GTA right now is that “the Toronto market” is two markets that happen to share a name. In March the average detached sale across the TRREB area was far above the average condo apartment sale — and inside the City of Toronto the detached average sits above the $1.5 million insured-financing cap while the condo average sits comfortably below it. They are not variations on one market. They have different buyers, different supply, different price direction, and — because of that cap — completely different financing.
Concretely: a condo apartment priced in the mid-$600,000s needs about $39,000 down under the insured rules. A detached house in the 416 priced above $1.5 million needs at least $310,000, cannot be insured, and will be seen by a smaller set of lenders. That is not a small difference in degree; it is a different transaction.
March gave 5,039 sales at an average of $1,017,796 with 4.9 months of supply. If you are weighing a condo against a freehold, run both as actual financing scenarios before you decide which one you are shopping for — the answer surprises people fairly often.
What the Bank said
“The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The evolving conflict in the Middle East is causing heightened volatility and US trade policy continues to reshape global trade patterns.”
The rate path around this decision
For context, unemployment was running at about 6.9% and inflation at 2.8% around this decision.
Where this leaves you
Rate announcements make headlines; approvals turn on your own numbers. If you're buying, renewing or refinancing in Toronto, the useful next step is finding out what you actually qualify for — see current rates, run the math, or start an application. You can also follow the local market in our Toronto housing market reports.