Thank you.
I'd like to congratulate the Retail Council of Canada, in particular, and the Certified Management Accountants of Canada for your submissions. I think you made some very solid points indeed, which are very much along the lines of the thinking in the government's agenda so far.
I'd like to turn my attention for a minute to Mr. Campbell with regard to RRSPs and the housing industry. I have a few concerns about the housing industry. The cost of housing now is at the highest level it's ever been in history; mortgage debts are at the highest level they have ever been in history. Households now have some 85% of their family assets tied up in one commodity, which is real estate. The American real estate market has certainly had some problems lately; we've seen lenders bring in 40-year amortizations. Scotiabank's brought in 0%-down mortgages. And here you are recommending people increase the amount of money, in fact double the amount the money, they can take out of their RRSPs to invest in the housing market.
Do you not feel, in addition to very cheap money and low interest rates today, this is adding a further impetus to an industry that may be wavering a little bit from having too many no-money-down mortgages or too little equity put into it?