High rates hurting younger Canadians more: economics prof

A University of Calgary economics professor says decades-high interest rates have disproportionate affects on different demographics, with younger Canadians hurt the most.

Trevor Tombe, professor and research fellow at the university’s School of Public Policy, told BNN Bloomberg that in higher interest rate environments, younger people tend to struggle while many older people thrive.

“There's clear winners and losers here,” he said in a television interview on Friday.

“When rates change, it's a pretty large redistribution, if you will, from younger to older households that's taking place.”