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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Some say that Toronto’s real estate market is heading for a crash while others argue that it is not headed anywhere but back to normal. The figures are showing that sales are down but these figures are more normal compared to a year ago or so when the records were breaking new records. Reports show that homes for sale in the Toronto area are down eighteen percent compared to home sales this same time last year. If you are looking for a home in the city of Toronto you will be happy to know that although you will be paying the initial premium cost of buying in the city, so far the cost of Toronto homes continue to rise. Not great news when applying for the mortgage to your new home but excellent news when you have owned that home for a few years and its value has increased.

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When it comes to buying a home the considerable down payment requirement is not the only monetary figure we need to look at but what our monthly mortgage payment will be. The interested buyer needs to determine how much a month the can afford to pay towards their home on top of other expenses. It helps to work closely with a mortgage consultant who can guide you through the process. It is also wise to get pre approval for a mortgage before actually starting the home buying process. With pre approval you will know exactly how much you can afford and which homes in what price range to consider. Without this prior knowledge you may find yourself out house hunting in areas and at homes that are out of your budget range. That would eliminate the hurtful process of finding your dream home only to find out that you cannot get mortgage approval for it.

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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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Despite the ever increasing cost of homes and condos in downtown Toronto more and more people are making the move. Some are young couples choosing to live downtown close to work so they are not faced with a morning commute and some are new retirees looking to be close to downtown city life and all its amenities. Now that the interest rates are low and mortgages can carry longer amortizations more people are afford to buy homes, especially downtown. With more demand from buyers now, the value for the condos and homes in Toronto are increasing in value more quickly than those in the surrounding areas.

More on condos and Toronto Real Estate can be found in The Star