Mortgage Rules To Possibly Affect Younger Canadians

As the new mortgage rules are still yet to be introduced, it seems like millennials and those purchasing homes for the first time are likely to be in a risky situation and will mostly be the ones to lose out on this.

According to the chief economist of the British Columbia Real Estate, Cameron Muir, households earning $80,000 will have their purchasing power cut down to about $100,000 to $305,000 as a result of the rules.

He cautioned that; “Housing demand will slow as millennials, other first-time and early move-up buyers are squeezed out of the market.” Millennials should not be mainly worried about trying to become homeowners, as there are wide-reaching impacts for the real estate market in BC in the near future. Along with the incline of price as a result and a successful petition for those restricted from owning homes in the near future.