Canadian borrowers have had a good run, with mortgage rates trending lower for years. The good times are over, however.
Last week, big banks raised rates on their five-year fixed-rate mortgages, and other lenders are sure to follow suit. For borrowers, that means higher payments when their mortgages come up for renewal.
How will Canadians cope with higher payments? That's the question that has been on every economist's mind for years, and the time to find out has finally arrived.
The Globe and Mail would like to know how our readers will be affected by increasing interest rates. How much more will you be paying, and how will you cope financially? If you'd like to share your story, please fill out the form below. We'll select some of the best comments for publication.
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