Yes, maybe I'll start.
We put out a report on household indebtedness a couple of weeks ago, and it was a fairly in-depth study. I've been shocked at the dearth of research in the area, so we undertook the study, and I think it's quite good, but perhaps I'm a bit biased.
There's a lot of focus on the debt-to-income ratio. I think whenever we look at an average statistic, we always have to ask ourselves if we are getting the full story. So the study does go into a fair amount of detail, looking at assets, debt to assets, debt to net worth, looking at a lot of the different things--debt serviceability. We look at some of the same things the Bank of Canada does.
The bottom line is that, in our view, we're not at crisis levels yet. I believe there are a lot of reasons to think that we're not in a U.S.-style predicament. We didn't get into the same risky lending during the run-up in the housing market. That said, no doubt a lot of Canadians have taken advantage of extremely low interest rates, and I don't think a lot of Canadians have factored in this notion that interest rates at some time will return to more normal levels.
So a lot of the report is more forward looking.
Under these interest rate assumptions, what kind of debt are we looking at? Frankly, I'm very concerned that mortgage rates are at historical lows and that in fact the borrowing could continue, even though we've--