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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