Ottawa Loosens Mortgage Rules, Expanding 30-Year Amortizations and Raising Insured Mortgage Cap

Ottawa Loosens Mortgage Rules, Expanding 30-Year Amortizations and Raising Insured Mortgage Cap
Finance Minister and Deputy Prime Minister Chrystia Freeland responds to a question during a news conference in Ottawa on Feb. 27, 2024. The Canadian Press/Adrian Wyld
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Finance Minister Chrystia Freeland has announced two major changes to the federal mortgage policy, increasing the cap on insured mortgages to $1.5 million from $1 million, and expanding eligibility criteria for 30-year mortgage amortizations to encompass first-time homebuyers.
Both changes are to be put in place as of Dec. 15, Freeland told reporters during a Sept. 16 press conference.