Thank you, Mr. Chair, but I am going to take a little longer than a minute. I think the Governor of the Bank of Canada can give me five minutes.
Thank you very much, Mr. Carney.
The average household debt in Canada is currently at 147% of its income. There are also strong centrifugal tendencies in some regions. That percentage is actually much higher in some regions than in others.
We are now able to establish a link between the increase in household debt and the average increase in housing prices. Over the past 10 years, housing prices have gone up by nearly 100%, which is not even close to what happened to salaries. With this very high debt rate, what impact will a debt crisis have on the Canadian economy?