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I The housing market: home sweet home or house of cards? s real estate a ticking time bomb? Is your house overvalued? The only people who are not afraid of the rapidly escalating house prices in Canada are those who own them and those who lineup to pay recordbreaking prices. The Canadian dream of home ownership is alive and well. However, many organizations or government bodies that oversee the nancial health of Canada view escalated house prices as a pending nightmare. Early in July, we heard another warning about the heated real estate market. Caution on lending practices The Of ce of the Superintendent of Financial Institutions (OSFI) sent an open letter to the mortgage industry cautioning rms to be careful about their lending practices. OSFI recommended mortgage providers verify borrowers' income levels. Plus, it recommended more caution with borrowers who have low credit scores. The federal regulator went on to say that lenders should consider if a mortgage holder can continue to make mortgage payments if interest rates rise. And nally, suggested mortgage vendors be more careful on accepting appraisals sup- 11 | Thursday, July 21, 2016 | OAKVILLE BEAVER | www.insideHALTON.com Dollars & Sense DIAMOND DIAMOND Voted Best Accountant by Oakville Beaver Readers for 9 Consecutive Years Guest Contributor Peter Watson CPA, CA, MBA, B. Eng Ricky Wong W For more information please check our website www.rickywong.ca · Accounting · Auditing · Taxation porting real estate value. Two things are signi cant. Firstly, OSFI is encouraging lenders to do all the things they should have been doing in the rst place, and secondly, OSFI would make this request so public. The Bank of Canada and the Federal Finance Department have been cautioning the real estate housing sector for many years. Recently, the Bank of Canada warned 15 per cent of borrowers had mortgages that were more than 4.5 times their income. A `deep dive' into housing market The Federal Finance Department said they will do a "deep dive" into the housing market. Home owners and prospective homeownsee Homeowners on p.13 1200 Speers Rd., Unit 32, Oakville, Ont. L6L 2X4 (905) 845 - 1408 | Fax (905) 845 - 5931 When you retire, miss work more than the paycheque. Marc Nutford - Financial Advisor 2387 Trafalgar Road, Unit E2, Oakville, ON L6H 6K7 905-844-4043 · www.edwardjones.com/marc-nutford Won't Be Beat If you find a cheaper price, simply show us and we will match.* $ 1 2 $3 $ $ Unico Solid Light Tuna 1 $ Bull's-Eye BBQ Sauce 425 mL selected varieties sauce barbecue 1 $ lb 198 g in oil thon pâle en morceaux Fresh Chicken Drumsticks or Thighs Big Pack!TM, or Halal tray pack 2 $ selected varieties bacon ou bacon cuit hauts de cuisse ou pilons de $4.41/KG poulet halal Maple Leaf Bacon 375 g or Ready Crisp Cooked Bacon 65 g 3 Flyer prices effective from Friday July 22 to Thursday July 28, 2016. Ontario stores only. (excluding: Geraldton, Kenora & Thunder Bay Ontario) Check your local store for hours of operation. WON'T BE BEAT® program restricted to major supermarket competitors within these stores geographical trade area. Other conditions and restrictions apply, please see our distributed flyer or in store for details. We reserve the right to limit quantities. While quantities last. No rainchecks. We reserve the right to correct any unintentional error that may occur in copy or illustration. ®/TM Trademarks of Loblaws Inc. and others. All rights reserved, used with permission ©2016 Loblaws Inc. Colangelo's Colangelo's NoFrills Van Spall's NoFrills 125 Cross 1395 Abbeywood Avenue Drive OAkVille