Thanks, Mr. McKay.
On your second point, I'll raise with the banks that issue about instantaneously giving credit. I think there's probably a consumer expectation for it, and if it's not happening, there may be some technological reason, or there may not be. I'll ask and I'll respond to you when I get an answer.
On the issue of why not 85% or some other percentage—90%, I suppose—it's a judgment call about what's prudent in the market. You're correct that there are more entrants in the market now, so there's more competition in the market. We thought, based on the consultations, that it was prudent to move the extra five percentage points, to 80%.
There could be more in the future. I know we are all accustomed now to a very strong housing market. It's not inevitable that it would always be thus. We've lived through cycles before in the housing markets, and some of us are old enough to remember, I think it was August 1981, when the prime rate was 22.5%. You're too young for that—no, you're not—but some of us remember it. People were losing their homes, walking into the lawyer's office and leaving the keys because they couldn't afford to renew their mortgages.
We thought this was prudent. As I say, at 20%, on a $200,000 home the savings is about $1,600 for the purchase.