Finance committee  Thank you. I just wanted to comment that certainly our outlook would be that you're talking, at best case, about having the data to really assess what kind of impact these changes would make beginning in the summer.

Finance committee  Just speaking of the Vancouver marketplace, certainly based upon our data analysis, the market was already starting to slow down before any of the measures that were taken in B.C. How that would have played out is difficult to predict now, because those measures have been taken.

Finance committee  I think it goes back to the earlier comment made about the collaboration among all three levels. When we look at Toronto and Vancouver, we know that supply is a big issue. That's not an area of federal responsibility; it's more at the provincial and local levels. We think there a

Finance committee  I don't know. We know there have been two groups formed, but we have not been privy to the reports or any of the work that's been done. We're encouraged, however, that this initiative is taking place.

Finance committee  One of the themes we have heard here today is that we should take a pause. We need to assess what the impact truly is. We need to look at the data and look at the consequences in the marketplace, to let those play out and see what the results are. It's too early to truly understa

Finance committee  In terms of all the previous changes, I can't state categorically that we were consulted on all of them. There was certainly some consultation on prior ones, but not on the most recent one.

Finance committee  No, we were not consulted.

Finance committee  We were notified the same way.

Finance committee  Just to make sure I'm understanding the question, were you asking if the mortgage rule changes that were made in October were helpful to the markets in Toronto and Vancouver?

Finance committee  They had some impact. One reason we've stressed the importance of expanding the homebuyer's plan for those individuals who would be impacted is that it allows them to apply some additional funds to qualify under the revised mortgage rules and under the stress test. They would the

Finance committee  No, it would not be a positive one in that circumstance.

Finance committee  Thank you, Mr. Chair. The Canadian Real Estate Association would like to thank the committee for the opportunity to participate in the study on the Canadian real estate market and home ownership. CREA represents over 120,000 realtors from across the country. As one of Canada's

Finance committee  Certainly the whole capital cost allowance deferral program that we've suggested is going to assist in both improving and expanding opportunities for rental properties. It's certainly not the whole solution but it would certainly be of assistance in that direction.

Finance committee  Certainly our research demonstrates that would be the case, that it would certainly provide a kind of stimulus and enable smaller investors to do what larger developers are presently able to do.

Finance committee  If I could quickly expand upon that, in our research typically the kind of investors we're talking about are people who are earning less than $50,000 a year, so it's a small investor.