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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, D ecem ber 2 2 , 2 0 1 6 | 24 A FUSION OF JAPANESE & CHINESE CUISINE IN THE HEART OF OAKVILLE! B.CS no-interest down paym ent loans and financial reality bia. It has to do w ith the Canadian dream of hom e ownership. Many perspective hom e buyers across our land are w ondering if they should take the plunge and com m it them selves to a huge am ount of mortgage debt. There are m any risks to hom e ownership and those risks have to be balanced against the potential benefits. Last w eek, British Columbia announced it w ill begin offering qualifying hom e buyers interest-free loans to be used as a down pay m ent on their first house. The irony of this announcem ent is it was made on the same day the Bank of Canada issued yet another report warning Canadi ans about their high debt levels, and specifi cally their exposure to the housing market. These federal warnings have been going on for m any years. Now, the governm ent of British Columbia wants to ignore financial reality and encourage non-hom e hom eow n ers to take the plunge. The political logic is the cost of a house is out of reach for m ost first-time buyers, therefore, the B.C. governm ent wanted to P olitics and good financial judgm ent are often at odds. An example of this has just happened in British Colum Dollars & Sense Peter Watson Guest Contributor B O O K YOUR * HOLIDAY PARTY TODAY : DINE iN FOR ALLYOU CAN EAT LU N C H O R DINNER 7 DAYS A WEEK WWW.AUGUST8.CA OAKVILLE 280 North Service Road W.@ Dorval 905-338-6228 WE DO TAKEOUT! B B u r lin g t o n h a m ilto n s to n e y C re e k B ra m p to n 10% off D in n er only. Cash only & with this ad. provide interest-free loans to make hom e ownership obtainable. We all know from sim ple econom ics sup ply and demand for any product affects the price. Increasing demand for housing, by giving first-time buyers an interest-free loan, will effectively increase house prices further. I do not have an issue w ith homeownership. The problem is the debt that m any Cana dians have. Interest rates are at a historic low, and fam ily household debt is at a historic high. If in terest rates rise even a small amount, many Canadians w ill be scrambling to pay their mortgage obligations. B.C. Premier Christy Clark said, "People need a partner in scraping together that first see Financial on p.25 e y o n d K i t c h e n s & B a t h ftie iy o n d ljo u f1 S a fie c ta tio n s v m w w w . b e y o n d k i t c h e n s .c a 1 i Design Build nsta fully c u s t o m kitchens, vanities, wall unit, mantle, walk in closet, laundry room, Bar, etc; · Granite, Quartz countertops · Full renovation service · Real estate service; QEW Speers O akVille Showroom Location 466 Speers Rd,Unit 6-7 Oakville, ON L6K 3W9 T: 905-338-8999 / 905-338-8199 F: 905-338-8099 inf0@bey0 ndkitchens.ca *Trades, realtors, b u ild e r p ro g ra m m e a vailable, p le a se ask store for details;