We examine the absolute luminosities of 29 SNe Ia in the Calan/Tololo survey. We confirm a relation between the peak luminosity of the SNe and the decline rate as measured by the light curve, as suggested by Phillips (1993). We derive linear slopes to this magnitude-decline rate relation in BV(I)kc colors, using a sample with Bmax-Vmax < 0.2 mag. The scatter around this linear relation (and thus the ability to measure SNe Ia distances) ranges from 0.13 mag (in the I band) to 0.17 mag (in the B band). We also find evidence for significant correlations between the absolute magnitudes or the decline rate of the light curve, and the morphological type of the host galaxy