Canada's Finance Minister increases mortgage cap and offers 30-year amortizations for first-time buyers to aid housing market amid inflation and interest rate rise.

Canada's Finance Minister Chrystia Freeland announced changes to mortgage policies to aid first-time homebuyers and stimulate the housing market. The cap on insured mortgages increased from $1 million to $1.5 million, and 30-year amortizations are now available for first-time buyers. These adjustments, effective December 15, aim to improve affordability and address housing shortages amid rising inflation and interest rates.

September 16, 2024
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