Finance committee  Thank you. We're talking about units being completed over the last...you can look back decades. I do panels all the time, and I always get, “We need to focus on purpose-built rentals and social housing. We can't forget about that. Not everyone can afford to buy a home.” Yes, that makes sense, but that's really something that someone would say 10 or 15 years ago.

Finance committee  I'll wrap it up. Right now, we have the tightest market conditions and the strongest price growth we've ever seen in Canada, as of data published a week ago.

Finance committee  Okay. I'm just going to hold it up. Hopefully it works. I know that Scotiabank appeared before this committee and talked about dwelling units per capita. It's such an easy, “meat and potatoes” starting point for this problem. The number of people who need somewhere to live and the places we have available for them—not necessarily available in the marketplace but just existing—is the logical starting point.

Finance committee  Thanks very much, Michael, and thank you to the committee for this opportunity. Now, I'm an economist and an analyst. I've been making the housing data that we're all talking about for 18 years from my desk, seasonally adjusting with StatCan. I'm a chart guy. I believe a picture is worth a thousand words.