The Globe and Mail reports in its Wednesday, Sept. 18, edition that the recent relaxation of Canada's mortgage rules has the potential to significantly impact the housing market. The Globe's Rachelle Younglai writes that Realtors and mortgage brokers have reported a surge in inquiries following the federal government's announcement of two mortgage reforms. The upcoming reforms will allow buyers to make a smaller down payment on homes priced up to $1.5-million, instead of the previous limit of $1-million. First-time home buyers will have the option to extend their payments over 30 years, resulting in reduced monthly mortgage payments. These changes take effect on Dec. 15, ahead of the busy spring selling season. The mortgage insurance threshold will rise to $1.5-million, enabling more people to buy homes in high-priced areas like Vancouver and Toronto. "Houses valued between $1-million and $1.5-million will see a surge in demand," said CanWise co-founder James Laird. First-time home buyers accounted for 44 per cent of all the purchases with mortgages in Canada in the first quarter of this year compared with just over 50 per cent in 2014, according to data from the Bank of Canada.