Armed with the knowledge of the crisis that has hit the US real estate and mortgage market, the Canadian government has implemented some rules and made adjustments to help protect the Canadian housing market. The new mortgage measures will only affect individuals taking out mortgages from October 2008 and will include a maximum amoritization period of 35 years and a minimum down payment of five percent for perspective home owners applying for a new mortgage. These new amendments are to help strengthen and protect Canada’s housing market which is remaining relatively strong. Home ownership is at a record high for Canadians and the government wants to ensure the owners are protected.

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After several years and many plans not falling through one landmark within the city of Oshawa will be getting a much needed makeover and transformation. The old Genosha hotel may finally be sold to a local developer who plans to turn the building in to a mixture of retail space, residential apartments and office spaces. The city of Oshawa is seeing some changes in its downtown core that are bringing a wide mix of new people to the area. This new building will feature one bedroom and bachelor apartments that will likely become the new home of many students from the nearby post secondary school. The bottom floor of the building will be retail space just like many of the large condominium towers being constructed in the city of Toronto. Right now the Genosha building looks old and has suffered much wear but the developer hopes to restore the building to give it back its heritage look.

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