HOME RATES ABOUT SERVICES VIDEOS BLOG CONTACT ME TEAM
AGENT LICENSE ID
M18002266
BROKERAGE LICENSE ID
12659
Mike Palermo

Mike Palermo



Phone:
Address:
127 Rodgers Road, Guelph, Ontario

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

Each Family Is Unique, So Why Shouldn't Your Mortgage Be?

Happy with your current mortgage but looking for a second opinion? I'm happy to help!

Up for renewal and your looking to shop around? Let me show you why mortgage agents/brokers continue to impress!

First time home buyer with a million questions? Educating is my favourite part of being a mortgage agent, lets get you the answers you need!

Credit card debt starting to pile up? Debt Consolidation can get you back above water and on your way to financial freedom!

Any question or scenario we have a solution to. Let us help you with one of the biggest financial decsions you will make in your life. With competitive rates, a fast application process and excellent customer service you wont find elsewhere!


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

MY LENDERS

TD Bank Scotia Bank Attain Mortgage First National MCAP B2B Bank
Home Trust Merix Equitable Bank Street Capital CMLS Fisgard Capital
ICICI Bank Optimum  RMG Mortgages Bridgewater Marathon Mortgages