AGENT LICENSE NUMBER
M19000510
BROKERAGE LICENSE NUMBER
11995
Michael Filicetti
Mortgage Agent Level 2
Office:
Phone:
Email:
Address:
132 King Rd Suite 201, Richmond Hill, Ontario, L4E 2T6
AGENT LICENSE NUMBER:
M19000510
BROKERAGE LICENSE NUMBER:
11995
Welcome! I'm Michael Filicetti – Mortgage Agent at Ultimate Mortgage Group, proudly serving the Greater Toronto Area and all of Ontario.
Whether you're a first-time homebuyer or a seasoned investor, I'm here to simplify the mortgage process and help you secure the best solution for your unique needs. With access to over 55 lenders, I’ll find the right fit for your situation — at the best possible rate.
I understand that navigating mortgages can be overwhelming, especially with so many options and variables to consider. My goal is to make the entire process smooth, transparent, and stress-free — from start to finish.
Let’s have a quick chat to explore your options — I’d love to help you take the next step toward homeownership.
BLOG / NEWS Updates
Housing Market Monitor: Home sales edged down in May
Summary
Home sales edged down 0.6% between April and May, a fourth consecutive monthly decline.
On the supply side, new listings increased 0.5% from April to May, the fourth advance in five months.
Active listings rose by 4.2% in May, the second consecutive month of growth and the highest level since March 2020. Meanwhile, the number of months of inventory (active listings-to-sales) increased from 4.2 in April to 4.4 in May, a level now back in line with its pre-pandemic level.
Market conditions loosened during the month but remained tighter than their historical average in most provinces. They were balanced in Manitoba and B.C., and softer than average in Ontario.
Housing starts jumped 23.4K in May to 264.5K (seasonally adjusted and annualized), a result well above the median economist forecast calling for a 245.1K print. Urban starts increased by 24.7K (to 246.1K) withs gains in both the multi-family segment (+24.0K to 203.1K) and the single-family segment (+0.8K to 43.0K). Starts increased in Montreal (+14.4K to 28.3K), Toronto (+17.3K to 54.3K), and Calgary (+1.4K to 23.4K), while they decreased in Vancouver (-11.1K to 23.5K). At the provincial level, the most pronounced increases in total starts were registered in Qubec (+19.4K to 59.6K), Ontario (+12.4K to 86.3K), and New Brunswick (+3.5K to 7.0K). Meanwhile, notable decreases were seen in British Columbia (-8.4K to 46.5K) and Manitoba (-4.8K to 3.5K).
The Teranet-National Bank Composite National House Price Index rose by 0.5% from April to May, after seasonal adjustments. Seven of the 11 markets in the composite index were up during the month: Halifax (+1.5%), Hamilton (+1.1%), Calgary (+1.0%), Vancouver (+1.0%), Victoria (+0.8%), Toronto (+0.5%) and Quebec City (+0.5%). Conversely, prices fell in Edmonton (0.7%), Winnipeg (-0.6%) and Ottawa-Gatineau (-0.2%), while they remained stable in Montreal.
https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf
Population in Canada: A Monthly Snapshot
ON TRACK IN SOME AREAS, A BUMPY ROAD AHEAD IN OTHERS
Population growth continues to surge.
Mays Labour Force Survey data reported a 3.6% (S.A.A.R.) increase in the 15 year old+ population compared to April.
This 97,600 increase since the release of last months report maintained the trend of robust population growth through 2024 so far, with the last three months averaging growth of 3.7% (S.A.A.R.). Compared to May of last year, Canadas 15+ population is up by almost 1.1 million.
The increase in the labour force population is down by roughly half when compared to Aprils explosive growth numbers, although m/m growth of 3% (S.A.A.R.) is still significantly high, especially when compared to pre-pandemic levels.
A quarter of the year recorded, a quarter of the goal reached.
Canada admitted another 34,785 permanent residents among its major categories in March, totalling 121,620 admissions for the year so far, approximately 25% of the annual goal of 485,000 the federal government set for 2024.
https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.canada-and-us-economics-.economic-commentary.population-growth.-june-10--2024-.html
Further Rate Cuts on the Horizon: Scotiabank’s Forecast Tables
From Scotiabank
We expect the Bank of Canada to cut by 25bps at each of the next three meetings.
Inflation is on a good downward path though growth in the interest rate-sensitive parts of the economy remains surprisingly strong.
Positive risks to the outlook for growth and inflation remain as interest rates come down. We are particularly mindful of the response in real estate markets and household spending. Any materialization of upside risks would imperil future rate cuts.
Rate cuts have finally begun in Canada. With inflation hopefully on a sustained downward path despite the interest rate-sensitive parts of our economy performing surprisingly well, it is now clear that the Bank of Canada has decided rate relief is necessary. That is great news for borrowers if the Bank of Canada follows through with additional cuts. We think they will, though we remain concerned about upside risks to inflation given rising wages and falling productivity, the surprising strength in consumption, the serial over-stimulation by the federal and provincial governments, and the potential for a housing market rebound. As a result of the latest decision and the communications around that we are changing our Bank of Canada view and now expect that Governor Macklem will cut the policy rate at each of the next three meetings, for a total of 100bps of cuts this year.
https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.global-outlook-and-forecast-tables.scotiabank%27s-forecast-tables.2024.june-6--2024.html
