Is Now the Time? CMHC increases are coming

Effective June 1, 2015 Canada Mortgage and Housing Corporation (CMHC) will be increasing their premiums on downpayments of less than 10%.  Borrowers looking to buy their first home or buy their next home after June 1 with a downpayment of 5 – 9.99% will be looking at a 15% increase in premiums paid to CMHC.

This marks yet another change in CMHC guidelines over the past several years, which has seen premium rate increases, reduced amortizations, increased qualification standards and a reduction of financial product offerings.

CMHC contributes to the stability of Canada’s housing finance system, including housing markets.  The changes over the years has been in an effort for the Canadian Housing Market to avoid the same fate as our neighbours to the South.

Some are asking, Is Now the Time to Buy?  On a $500k Mortgage, Canadians with less than 10% downpayment can see premiums paid to CMHC increase approx. $2,500.  Although this amount only marginally affects your Mortgage payment, it’s still a lot of money being added to your Mortgage.

How can you avoid this additional premium?  A traditional downpayment of 20% or more is one way to avoid paying any CMHC premiums at all.  Having a 10% downpayment or higher will still trigger premiums paid; however, this is not currently affected by these rate increases…for now.  Members can also speak with any of our lending Staff to discuss your future plans for home ownership, and we can help find the right plan for you to help save you money.  The Credit Union has a proven track record for helping our members become home owners, at great Mortgage Rates with your need for customized flexibility in mind.

Applications submitted to CMHC prior to June 1, 2015 will maintain the current CMHC loan insurance premium rates.  Isn’t now the time to save while you realize your investment dream?

Call or visit us today!

Energy CU Golf Day 2015

Hello “ENERGY” Golfers

 Spring is here and we have Exciting News, regarding our 21st Annual Golf Tournament (in memory of Terry Godfrey).  We invite you to join us on Monday August 17, 2015 @ our new venue!!!!!!!

 The North Course @ Deer Creek Golf & Banquet Facility

 This special event affords us the opportunity to reward our loyal Members for their continued patronage and we look forward to sharing this time with you. We are proud to be able to invite you to this Premium Facility, at no increased cost, over 2014

 So, Come on Out and Join Us for a Fabulous Day of Golf and Fellowship

 This year’s festivities will include Lunch, Golf, Power Cart, Prizes and a Prime Rib Dinner.

  1. Drop off at a TECU Branch location:
  2. Mail to Greg Hartley, 49 Linton Avenue, Ajax, Ontario, L1T 3A7
  3. E-mail Greg Hartley at (Account Transfers only)

 Please, include the names of Golfers you wish in your foursome or anyone with whom you would prefer to golf.  All efforts will be made to accommodate your requests. If you don’t have a foursome , that’s OK too!


Tournament Registration is on a first come, first serve basis to a maximum of 144 golfers.

 So, don’t delay, register today.

The Energy Credit Union