A recent announcement from the Canadian Mortgage and Housing Corporation (CMHC) that premiums will be increasing, effective May 1, has many home buyers questioning how it will affect the affordability of homeownership in the weeks and months to come.
The majority of respondents from BMOâ€™s 2014 first-time homebuyers report indicate that their homebuying timeline has been delayed as a result of housing price increases, said Mohamed Samman, vice-president of credit services at the Langley-based Envision Financial.
So with that in mind, he shared some thoughts with us on how these latest increases may impact the housing market.
While it has been reported that for the average Canadian home buyer requiring CMHC insured financing, the higher premiums will only result in an increase of approximately $5 to their monthly mortgage payment, he stressed.
But, itâ€™s the culmination of all the changes buyers have faced through the recent year thatâ€™s cause for concern, Samman added.
â€œWhen you couple the recent changes to the first-time homebuyersâ€™ grant with the tightening of rules of CMHC, which lowered the maximum loan to value to anything above 80 per cent and decreased the maximum amortization to 25 years, itâ€™s certainly a big blow to new entrants into the market.â€
â€¢ More: www.langleyadvance.com, search â€œEnvisionâ€
Welcome to Willoughby
G&F Financial Group is making quite the splash in Langley this month.
In addition to opening a new branch in the Willoughby Town Centre this past Tuesday â€“ the companyâ€™s 13th location â€“ theyâ€™ve also made a hefty donation to the future of this community.
Earlier this month, branch manager Kam Mokha presented a $20,000 cheque to the Langley Memorial Hospital Foundation. The money is earmarked for the new maternity centre, and specifically resuscitation armoire infant warmer systems, she explained.
â€œAt G&F, we strive to make a positive difference in the lives of others. With a new branch opening in the Willoughby area of Langley, we are excited to be a part of, and continue to support the Langley neighbourhood,â€ Mokha said.
Time to pull on the blue jeans
Today, Iâ€™m joining thousands of people across the province who will be wearing jeans to work.
Okay, maybe not the most fitting of business attire, normally. But today, it perfect. Itâ€™s Jeans Day, and my $5 contribution â€“ by buying a button at Save-On-Foods (or you can get them locally at Costco and London Drugs, as well), helps raise money for sick kids.
Jeans Day is held annually in support of BC Childrenâ€™s Hospital, and the goal this year is to raise more than $1 million through the sale of these buttons, and $20-lapel pins.
Since 1991 Jeans Day has raised more than $16.8 million for BC Childrenâ€™s Hospital. Thatâ€™s pretty impressive. How about doing your part, and justifably sport your favourite jeans and button for the kids today?
â€œEvery year schools, businesses and communities across B.C. and the Yukon help change the lives of BCâ€™s sick and injured children through Jeans Day,â€ said Teri Nicholas, CEO of the BC Childrenâ€™s Hospital Foundation. â€œThis event truly shows what we can achieve when many people make a small contribution.â€