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Is your mortgage up for renewal? We want to hear from you

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The Bank of Canada’s next interest rate announcement is just around the corner and Toronto residents with mortgage renewals will be keeping a close eye.

In April, the central bank decided to hold its key interest rate steady at five per cent and forecasters are still split on whether the BoC will lower interest rates when the next interest rate announcement rolls around next week.

The Canada Mortgage and Housing Corp. recently stated that 75% of household debt is attributed to mortgages, and a new CMHC survey revealed that close to a quarter of respondents are worried about their ability to make their mortgage payments.

For those who took advantage of historically low interest rates during the first two years of the COVID-19 pandemic, elevated rates mean significantly higher monthly payments come renewal time.

On Wednesday, the Bank of Canada will make its next interest rate announcement – and CTV News Toronto wants to hear from you.

Is it time to renew your mortgage, or are you seeking one for the first time? How will next week’s decision impact you?

Share your story by emailing us at torontotips@bellmedia.ca with your name, general location and phone number in case we want to follow up. Your comments may be used in a CTV News Toronto story.

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