Thank you very much, Mr. Carney and Mr. Macklem, for appearing before us today.
I want to raise first the issue of housing prices. The October 23 edition of The Economist magazine has cited Canada as having a housing bubble. In fact comparatively, The Economist believes that the Canadian housing market is overvalued compared with those of countries such as China and the U.S. How concerned should Canadians be about this risk, and what does this housing bubble mean to Canadian families?