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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, Ja nu ar y 21 ,2 02 1 | 8 ABOUT US This newspaper, published every Thursday, is a division of the Metroland Media Group Ltd., a wholly-owned subsidiary of Torstar Corporation. The Metroland family of newspapers is comprised of more than 70 community publications across Ontario. This newspaper is a member of the National NewsMedia Council. Complainants are urged to bring their concerns to the attention of the news- paper and, if not satisfied, write The National NewsMedia Council, Suite 200, 890 Yonge St., Toronto, ON M4W 2H2. Phone: 416-340-1981 Web: www.mediacouncil.ca insidehalton@metroland.com facebook.com/OakvilleBeav @OakvilleBeaver WHO WE ARE VP, Regional Publisher Kelly Montague Regional General Manager Jason Pehora Regional Managing Editor Catherine O'Hara Managing Editor Karen Miceli Director of Distribution Charlene Hall Circulation Manager Kim Mossman Director of Production Mark Dills Regional Production Manager Manny Garcia Directors of Advertising Cindi Campbell and Ryan Maraj CONTACT US Oakville Beaver 901 Guelph Line Burlington, ON L7R 3N8 Phone: 905-845-3824 Classifieds: 1-800-263-6480 Advertising: 289-293-0620 Delivery For all delivery inquiries, please e-mail kmossman@metroland.com or call 905-631-6095. Letters to the editor Send letters to insidehalton@metroland.com. All letters must be fewer than 320 words and include your name and telephone number for verification purposes. We reserve the right to edit, condense or reject letters. Published letters will appear in print and/or online at insidehalton.com OPINION TO LEARN HOW TO SUBMIT YOUR OWN CONTENT VISIT INSIDEHALTON.COM Data is rapidly becom- ing one of the most valu- able resources in the econ- omy and municipalities like Oakville have the po- tential to benefit immense- ly from this transforma- tion. On December 3, the Oakville Chamber launched its Roadmap to a "Smart" Oakville. This call to action urged Town Council to develop an inno- vation strategy that priori- tizes transportation mobil- ity and digitization. Oakville doesn't have to look far to see what other municipalities are doing that benefit citizens, busi- ness and the economy. Take for example the City of Vaughan, according to Frank DiPalma, the City's Chief Information Officer, "Like any business, a city has to have a plan of what they really want to be in the future. As we have in all aspects of business, dis- ruptive technology and the accelerating pace of change are constantly un- derlying legacy activities. It is not different for cit- ies." Digital transformation is enabling government to modernize services in a way that makes delivery more efficient and more citizen-centred. Internal digital trans- formation is key to ensur- ing citizen-focused servic- es are continuously re- viewed for efficiency, effec- tiveness and sustainability. Services need to be available quickly and easi- ly on-line. City informa- tion and data needs to be easy to access and under- stand. Similarly, digital tools and technology can be used to enhance the Town's ability to deliver services, find efficiencies, and be more proactive and predictive. The Oakville Chamber is calling on the Town to de- velop a plan that is citizen focused, transparent and is open to exploring and un- derstanding emerging con- cepts, models and technol- ogies such as Smart Cities, Internet of Things, Digital Economies and e-Govern- ment. Furthermore, the Town needs to be committed to ensuring that the entire community has the ability to benefit and compete in this information age. There is a direct link be- tween economic growth and digital literacy. Public access to high-speed inter- net enables citizens and businesses to access new opportunities. The Oakville Chamber will continue to encourage the Town to be ambitious and visionary when it comes to a digital strategy as well as engage the busi- ness community in an ef- fort to remain competitive and promote economic growth. Faye Lyons is the vice- president of government relations and advocacy for the Oakville Chamber of Commerce. She can be reached at faye@oakvil- lechamber.com. THE ROAD AHEAD IS A DIGITAL ONE TOWN SHOULD EMBRACE ROADMAP TO A 'SMART' OAKVILLE, WRITES FAYE LYONS Low mortgage interest rates make home owner- ship affordable. When mortgage rates increase many homeowners will not be able to make the pay- ments after their mortgage is renewed. The mortgage on your house might be your most significant financial risk. Normally, when you ac- quire an asset, you hope for a strong economy. Your as- sumed logic is that will be good in supporting or in- creasing the value of your assets. However, be very care- ful of what you wish for. To illustrate this, we will assume a homeowner has a $1-million mortgage. Interest rates are very low, so we will assume the mortgage interest is two per cent. The homeowner will pay $20,000 interest annu- ally. Now, let's focus on your risk. It is anticipated that the economy will recover largely as a result of con- tinued federal financial support. So far, so good. But here's where it gets danger- ous. When the economy gets off life support and pros- perity returns, we will start shifting into a period of higher inflation. The role of the government will change to controlling infla- tion. To slow down growth and fight inflation, the best financial tool available to the government is increas- ing interest rates. Higher rates will slow the econom- ic activity and the govern- ment will be successful at managing inflation. Back to the homeowner with a mortgage. Assume at the time of mortgage re- newal, interest rates have increased from two per cent to four per cent. Suddenly, the carrying cost on your house has dou- bled. Will the homeowner have sufficient cash flow to cover this increased ex- pense? Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial plan- ning column, 'Dollars & Sense'. He can be contacted through www.watsonin- vestments.com. THE DANGERS OF YOUR HOUSE MORTGAGE BEWARE OF RISING INTEREST RATES ONCE ECONOMY RECOVERS, WRITES PETER WATSON PETER WATSON Column SNAPSHOT A snowy owl rests in the lakefront area. Do you have a great local photo you'd like to share? Send it to sleblanc@metroland.com, along with a brief description. Angela Mercurio photo FAYE LYONS Column