Economists are saying housing is to become more affordable in 2008 due to the easing of house price growth and falling interest rates that should make mortgages cheaper.

As a result of strong job markets and low mortgage costs, Toronto Condos will be more affordable and help younger people get into the 2008 Condo market.

Nationally the new home prices for 2007 from Statistics Canada were as follows:

Saskatoon: 45.1%

Regina: 25.9%

Edmonton: 21.5%

Montreal: 4.1%

Vancouver: 6.4%

Calgary: 6%

Toronto: 3.4%

New home prices across Canada rose 6.2% in 2007, down from a annualized pace of 12.1% posted in August. Existing home prices for 2008 should moderate to about 2% to 3%.

Condos are now filling the gap for new home buyers that can not afford to buy into the increasing house prices. Financing options of up to 100% of the value of a home are also helping younger purchasers find a home.

In Toronto Condos are now 52% of total new home sales and that percentage is sure to increase even further in 2008.