Freeland says Canada will expand 30-year amortization, raise insured mortgage cap

Deputy Prime Minister Chrystia Freeland announced on Monday proposed changes to the Canadian mortgage market, aiming to expand the availability of 30-year amortizations and increase the cap on insured mortgage products. Additionally, the price cap for insured mortgages will be raised to $1.5 million from the previous limit of $1 million. Both proposed changes would go into effect on Dec. 15.

• Ottawa to expand 30-year amortizations, raise insured mortgage cap