New mortgage rules could hit Calgary economy

The new rules that were introduced Monday which require a larger downpayment on home purchases over $500,000 could have a negative impact on the Calgary economy. That’s according to Dominion Lending Centres’ Peter Kinch who told the CBC that “four per cent of the market will be impacted.” While he says that it’s bad timing for the city’s economy, already under pressure from the oil downturn, the mortgage specialist says that the rule change is prudent and will see more people avoiding homes that they cannot afford.

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