There are a number of items in the works right now to protect Canadian mortgages. With the realization of what has happened south of the border more concern is raised over added protection. The forty year amortization mortgage introduced just over two years ago will be omitted this year. Experts think it will be in order to provide protection for tax payers from home owners who default on their mortgage payment. Although Canada’s economy remains sturdy there is much more interest now in providing measures that ensures it stays that way. Potential homeowners who cannot give a twenty percent or more down payment will need to get mortgage insurance. Now the Canadian government may make it more difficult to get that insurance. The plan to do this is by raising the minimum credit raising score for applying for mortgages.

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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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A condo development in Scarborough is making news as the biggest development of its kind in Canada. The project upon completion will be the biggest environmentally friendly development so far. To date most green projects that exist have been highrise condominium buildings and companies with very few in low rise family homes. This project, named Evergreen will showcase 206 units made up of town and single family homes. Green living and energy efficiency is becoming a very popular priority in construction and development projects. Buyers are keen to protect their environment and builders want to create a home that will help them achieve that. The green homes will have energy efficient appliances, insulation that is above requirement, low water use toilets, showers and sinks and compact fluorescent lighting.

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It is no secret that the appeal of the condominium lifestyle is on the rise for newly retired couples, young professionals and first time home buyers. Lately the waterfront condo has been attracting a lot of attention as more and more would be buyers are realizing they can have the best of both worlds. An affordable maintenance free home with the fantastic view of the water right outside your window. Many waterfront condos often feature their own small marina or are relatively close to one so there is an added bonus of docking your boat just outside your home. For many with cottages up north this could mean no more crazy cottage traffic on the weekends. Plus a beautiful view every day and not just on your weekend retreats. In Whitby one developer is offering townhomes and stacked townhome condominiums just across from the Whitby marina. While a waterfront condo can offer the tranquility with a lake view it can also keeps you close to the city and all of the amenities you still desire.

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The number of homes for sale in Mississauga and the greater Toronto area is high. Despite the availability and high inventory though more interested buyers are stopping to think twice about purchasing real estate. The ever increasing cost of fuel plus the rise in cost of food and homes is causing buyers to feel leery about making such a big purchase and taking on a large mortgage. Individuals are keeping a very close on Canada’s economy and watching what is happening to the real estate market in the United States is definitely on everyone’s mind.

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