Finance Minister Chrystia Freeland announced significant changes to Canada's mortgage policy, which include raising the cap on insured mortgages from $1 million to $1.5 million and expanding 30-year amortization eligibility to first-time homebuyers and buyers of newly built homes. These changes, effective December 15, 2024, aim to address the challenges faced by Canadians in expensive housing markets, where average home prices often exceed the previous cap. The new rules also allow buyers to qualify for insured mortgages with down payments below 20 percent. Freeland emphasized that these adjustments are necessary due to the dramatic increase in Canada's nominal GDP since 2012. Industry advocates, like the Canadian Home Builder’s Association, expect that better access to mortgages will stimulate housing construction and help alleviate supply constraints. However, they also call for additional regulatory reforms to expedite the building process.