Thank you, Chair.
Welcome, Mr. Carney and Mr. Macklem.
You made a comment about shock from abroad and how it can impact the housing market. I wonder if you could elaborate on that and give Canadians an example of how shock from abroad can impact the housing market and how the impact on the housing market can also affect their household debt and their debt levels. I wonder if you could elaborate on that and tell us what this could mean to the individual Canadian.