Feds relax some mortgage rules in bid to improve housing affordability.

Finance Canada has announced that it will relax some mortgage rules in an effort to improve housing affordability. The price cap on insured mortgages will be increased from $1 million to $1.5 million, and eligibility for 30-year mortgages will be expanded to include first-time homebuyers and those purchasing newly built homes. These changes will take effect on December 15. The government hopes that these reforms will address the affordability crisis caused by high housing costs, particularly in cities like Vancouver and Toronto. [Extracted from the article]