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Canada will relax the rules on mortgages to allow first-time buyers to take out 30-year loans when they purchase newly built homes.
The change to regulations on insured mortgages come into effect on Aug. 1, Finance Minister Chrystia Freeland said. It’s a move that’s primarily aimed at winning over younger voters who’ve been shut out of the housing market, or squeezed by soaring prices and high interest rates.