‘We’re barely making it’: Eight Canadian stories reveal the pain of soaring mortgage costs
In July, 2020, Bank of Canada Governor Tiff Macklem assured Canadian households that borrowing rates were very low and would stay that way “for a very long time.”
And by all appearances, it looked like he would be right. The economy was in shambles amid widespread shutdowns and sky-high unemployment because of the COVID-19 pandemic. Many turned to government financial supports to afford basic necessities and keep businesses afloat. Inflation remained low.
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