My perception is that demand for housing remains very strong, throughout Canada, actually, not just in those markets, and therefore, the pace of construction and the jobs in construction are basically determined by the demand. The supply is the constraint that prevents it from being faster.
I think the main result of the interventions that have happened to the market itself has been to take some of the extrapolative expectations out of the market. For us, it's very unhealthy to hear people say they've got to buy a house because they're afraid of missing out. They wanted to buy one in two years but they need to do it now. And they can.
Even worse are folks who have paid down enough of their mortgage that they can then borrow enough to buy another house while it's being built and then plan to sell it when it is built. That's just to earn a return. That's speculative.
When people think there's nothing that can go wrong in that, then you know expectations have become extrapolative, and that's a very unhealthy place for people to make lifetime decisions.
In that sense, at the time I thought that could be just a temporary effect on the market, but at the same time it has an important disruptive effect on those expectations, and therefore it has a longer term positive impact.