Final answer:
The maximum duration for a mortgage in Canada is determined by the federal government through regulations and policies, with terms up to 25 years for insured mortgages with less than a 20% down payment.
Step-by-step explanation:
The maximum duration for a mortgage in Canada is primarily determined by the federal government. Specifically, it is the regulations and policies set out by the federal government that govern critical aspects of mortgage lending, including terms, conditions, and duration of mortgages. Mortgages in Canada can have various lengths of terms with the most common being 5 years, but the maximum amortization period for a mortgage with less than a 20% down payment and insured by the government is normally 25 years. This is outlined by the Canada Mortgage and Housing Corporation (CMHC), a federal crown corporation.