Langley credit union helps explain homeownership rule changes

Business happenings

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 BMO’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, it’s the culmination of all the changes buyers have faced through the recent year that’s cause for concern, Samman added.

“When you couple the recent changes to the first-time homebuyers’ 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, it’s certainly a big blow to new entrants into the market.”

• More: www.langleyadvance.com, search “Envision”

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 – the company’s 13th location – they’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.

“At 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,” Mokha said.

Time to pull on the blue jeans

Today, I’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. It’s Jeans Day, and my $5 contribution – 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 Children’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 Children’s Hospital. That’s pretty impressive. How about doing your part, and justifably sport your favourite jeans and button for the kids today?

“Every year schools, businesses and communities across B.C. and the Yukon help change the lives of BC’s sick and injured children through Jeans Day,” said Teri Nicholas, CEO of the BC Children’s Hospital Foundation. “This event truly shows what we can achieve when many people make a small contribution.”

Just Posted

Charges upgraded against mother of murdered Langley girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

WATCH: Farm Country Brewing in Langley City expected to open in summer

Farm Country Brewing is currently under construction and is planned to open in summer 2019.

South Langley centre offers seniors an array of activities

Members decide which courses and activities are offered at the Brookswood Seniors Centre.

LETTER: Langley/Surrey shortchanged on transit for Vancouver

Funding to get SkyTrain to Langley City could come from not undergrounding Vancouver’s extension.

LETTER: Area letter writer puts Trump government shutdown in perspective

A Maple Ridge letter writer is critical of Hillary Clinton’s comments about the shutdown.

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Explosion sends B.C. firefighter to hospital

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Book a ride on a driverless shuttle in Surrey or Vancouver

Automated vehicle demos are being offered, as the two cities plan pilot projects with the shuttles

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

Missing man from Crowsnest Pass could be in Lower Mainland

58-year-old Stuart David Duff was last seen on Jan. 6, 2019.

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

RECALL: Salmon Village maple salmon nuggets

Customers warned not to eat product due to possible Listeria contamination

Most Read