OTTAWA — Finance Minister Chrystia Freeland announced Monday that Canadians will be able to borrow for longer, while also increasing the maximum value for insured mortgages, potentially giving buyers more money in the housing market.

Freeland announced that starting on Dec. 15, the cap for insured mortgages will rise to $1.5 million from the existing $1 million cap today. This would allow buyers to qualify for larger mortgages without putting 20 per cent down.&nbsp;

Government will also allow insured mortgages up to $1.5 million{ai:summary}Canada's Finance Minister Chrystia Freeland announced an increase in the maximum value for insured mortgages from $1 million to $1.5 million, effective December 15. This change enables buyers to access larger loans without needing a 20% down payment. The new policy aims to enhance affordability in the housing market. #economy

Freeland allowing more 30-year mortgages, higher values for insured mortgages

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