In a few years, Canadians will sit around the dinner table and reminisce about the “good ol’ days” when they could get a mortgage for about 2 per cent.

For those old enough to have paid the 20-per-cent rates in the early 1980s, it will be a story of how much money they saved, especially in the 2010-13 period. For everyone else, it will be a tale of how much more expensive it has become to own a home.

“This is the end of an era,” Benjamin Tal, deputy chief economist at CIBC World Markets says of the recent rise in interest rates.

Canada’s big banks have increased the cost of fixed-rate mortgage by more than a third in the past few months, announcing this week that they’ve risen again to just below 4 per cent for a five-year term.

http://ca.finance.yahoo.com/blogs/balance-sheet/canada-mortgage-reality-155328413.html