The Globe and Mail reports in its Tuesday, Sept. 17, edition that starting Dec. 15, Canadians will have access to mortgage insurance for pricier homes, and first-time buyers will be able to extend their payment periods. The Globe's Rachelle Younglai and Bill Curry write that these changes are aimed at helping younger buyers enter the housing market and mark the first significant relaxation of Canada's mortgage rules in over a decade. The new rules raise the price cap for insured mortgages to $1.5-million from $1-million. First-time homebuyers can now get a 30-year insured mortgage for all types of homes, and all buyers, including investors, can get a 30-year insured mortgage for a preconstruction home. Currently, mortgage insurance is not available for homes over $1-million. Mortgage insurance is required for down payments less than 20 per cent of the purchase price, protecting lenders if a homeowner misses a mortgage payment. Raising the mortgage insurance threshold to $1.5-million allows more buyers to enter expensive markets with a smaller down payment. The Globe says the real estate industry applauded the changes announced Monday and agreed with Ottawa's reasoning that it would make home ownership more attainable and more affordable.