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:, 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

Crime Briefs: Police seek suspects in thefts of perfume, groceries, blue jeans

Langley police are asking for the public’s help to identify suspects.

Langley curling couple bound for provincials in Creston

Craig and Karen Lepine are skipping their own teams in the upcoming BC masters curling competition.

Painful Truth: Season of ice, season of puddles

Waiting for good cycling weather is a long process in a cold winter.

Langley Hospice Society formalizes its opposition to medically assisted dying directive

The local hospice board wanted to hold a discussion before making a public statement.

Museum showcases the changing face of Langley

From forests to farms to acreages to suburbia, a new show will capture Langley’s changes.

VIDEO: Top 10 B.C. budget highlights

The NDP is focusing on childcare, affordable housing and speeding up the elimination of MSP premiums

Team USA beats Canada 3-2 on the shootout to take home Olympic gold

Americans win their first gold medal since 1998

Two Haida men detained for crossing U.S.-Canada border

Edenshaw and Frisby travelled from Alaska to Prince Rupert for the All Native Basketball Tournament

Alberta takes out full-page ads in B.C. over strained relationship

It’s the latest move between the two provinces over progress on Trans Mountain pipeline expansion

B.C. teacher suspended over allegedly using N-word in worksheets

Trafalgar Elementary teacher under investigation by Vancouver School Board

Toddler swept away in Ontario floods

Toddler missing as flooding forces thousands from their homes in Ontario

BC BUDGET: New money helps seniors’ care shortage

Job stability for care aides key to recruitment, union leader says

Mixed messages on B.C.’s efforts to cool hot housing market

Economist says undersupply of homes in Metro Vancouver, Victoria and Kelowna will keep prices high

Foot found near Victoria belonged to missing Washington man

Coroner says no foul play suspected in death of 79-year-old Stanley Okumoto

Most Read