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AGENT LICENSE ID
M16002553
BROKERAGE LICENSE ID
10349
Leo Saleh Mortgage Agent.

Leo Saleh

Mortgage Agent.


Phone:
Address:
7676 Woodbine Avenue, Markham, Ontario

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Buying a home is one of the most exciting milestones of your life, especially when it’s your first property! I’m here to help take the stress out of the homebuying and mortgage processes by navigating each step with you and answering all your questions along the way.

 

First, it’s important for me to help you determine how much you can comfortably afford to spend on a home, taking into consideration such things as your current income and debt levels.

 

Next, we’ll examine your credit to ensure you’re a good candidate for a mortgage in the eyes of lenders.

 

When you’re ready to buy a home – whether it’s your first or fifth – I’ll get multiple lenders competing for your business to ensure you’re gaining access to the very best options available today. We’ll also secure a rate hold so that you can head off house hunting without worrying about interest rates rising while you find your dream home.

 

I’ll explain the top options to you in detail and help select the one that’s best suited for your short- and long-term financial goals.

 

And if you’re not quite ready to buy now, I can help set you on the right path to ensure you can become a homeowner soon. This may include setting a budget to help you save your 5% down payment or suggesting ways to boost your credit so you qualify for the very best mortgage product and rate catered to your unique needs. I’ll build a custom solution just for you.

 

I look forward to helping make your homeownership dreams a reality.


BLOG / NEWS Updates

Record December caps record year for Canadian home sales

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020. Home sales recorded over Canadian MLS Systems jumped by 7.2% between November and December to set another new all-time record. Seasonally adjusted activity was running at an annualized pace of 714,516 units in December 2020 the first time on record that monthly sales at seasonally adjusted annual rates have ever topped the 700,000 mark. The month-over-month increase in national sales activity from November to December was driven by gains of more than 20% in the Greater Toronto Area (GTA) and Greater Vancouver. Actual (not seasonally adjusted) sales activity posted a 47.2% y-o-y gain in December the largest year-over-year increase in monthly sales in 11 years. It was a new record for the month of December by a margin of more than 12,000 transactions. For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019. For 2020 as a whole, some 551,392 homes traded hands over Canadian MLS Systems a new annual record. This is an increase of 12.6% from 2019 and stood 2.3% above the previous record set back in 2016.

Mortgage Deferral Agreements and Their Impact

CMHCs Fall 2020 Residential Mortgage Industry Dashboard discusses mortgage deferral agreements and their impact. At the end of the second quarter, credit unions, mortgage finance companies (MFCs) and mortgage investment entities (MIEs) have allowed mortgage deferral agreements for about 6%, 7% and 7% of their respective residential mortgage portfolios. Chartered banks have allowed 16% of mortgages to go into deferral since the beginning of the pandemic. Of these, close to 2 out of 3 borrowers had resumed payments on their mortgages at the end of the third quarter of 2020. In the coming months, we could see higher delinquency rates if some borrowers are unable to resume their payments; these mortgages will have to be booked as arrears. These deferral agreements have affected financial institutions cash flows, with reductions of: 4% in scheduled mortgage payments 3% in non-scheduled payments (accelerated monthly payments and lump-sum payments) While remaining at low levels, mortgages in arrears (90 or more days delinquent) have increased slightly between the first and second quarters of 2020 from: 0.24% to 0.26%, on average, for chartered banks 0.23% to 0.25%, on average, for non-bank mortgage lenders We also observe an increase in early-stage delinquencies (31 to 59 days and 60 to 89 days), which suggests that arrears could continue on an upward trend. Source: CMHC

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