UBC business professor Thomas Davidoff spoke to Huffington Post Canada about the impacts of the new federal mortgage rules.
A study by the B.C. Real Estate Association found millennials could lose as much as 20 per cent of their purchasing power.
Davidoff agrees that the new rules will make it more difficult for millennials and first-time homebuyers to buy homes but there is also a benefit.
“It prevents people from borrowing as much as they might like to borrow, and they may be protecting them from themselves,” he said.
