October 2013 Canadian Economic Fundamentals

[Ally]

Condominium fees: What owners should know





The complex documentation of a condominium project should be clearly understood by the purchaser.







First-time condo buyers are sometimes confused by the monthly maintenance fee that condo buildings charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But what is a condo maintenance fee and what does it cover? And how does it compare to the costs of owning a house?







Condo maintenance fees are your percentage share of the costs to run the building as a whole. Unlike rent, they are not a profit source for the management. In fact, each building is registered as a non-profit corporation in many countries.





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[Ally]

New online mortgage tracker site lets Canadians shop for the best mortgage rates with the click of a mouse





A new website called RateSpy.com lets consumers track virtually every Canadian lender`s advertised mortgage rates, helping them to avoid paying too much.




`Mortgage shoppers left $300 million on the table last year by overpaying on their mortgage rates,` according to the site`s creator Robert McLister, who is also a mortgage planner and editor of CanadianMortgageTrends.com.





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[Ally]

Don't look now Mr. Flaherty - here's another shot in the arm for real estate




The Canadian real estate industry will get more good news today ` not that it needs any more positive spin or Finance Minister Jim Flaherty even wants to hear it.





But a London-based group is now predicting construction output, led by housing, is set to grow by about 4% over the next year, despite the fact the industry faces labour shortages and financing concerns.





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[Ally]

EU free trade promises a mixed bag




Prime minister Stephen Harper has recently announced a preliminary agreement with the European Union, which could be one of the biggest free trade agreements Canada has ever signed.





The deal grants far reaching access to the 500 million consumers in the EU`s $17 trillion market. It is expected to increase trade across the Atlantic by 20 per cent, add $12 billion to the Canadian GDP and create 80,000 new jobs.





Read the full article here.