Thank you very much, Mr. Chair. Given that we're in a friendly environment, I'll just take the opportunity to give a friendly reminder to Mr. McCallum that he actually voted for the provisions of the HST that the Conservatives have brought forward and have caused, I think it's fair to say, a lot of concern in British Columbia. Here it's known as the Liberal-Conservative HST.
I'd like to start with you, Mr. Kemp, on the issue of the HST. Most indications have shown about a $500 penalty. This is a tax shift, so big business gets tax cuts, but the ordinary British Columbian will end up paying about $500 in additional taxes through this HST. You're suggesting today that, for the average rental unit, it would drive up the cost of construction of that unit by about $12,500. You refer to project viability in terms of increasing the annual rent required by $750 or more.
Just to be clear on that, you're suggesting that the average rent would go up for new units for renters by about $750. Is that correct?