First, the rate of growth in household debt has declined. That is a confirmed fact.
Second, as we were discussing with Mr. Van Kesteren, on four occasions, the government has implemented significant measures to tighten CMHC's mortgage insurance rules.
That said, we have to continue to be vigilant. A number of regulatory options are available. The recent changes have just been put in place and we are starting to feel and see the effects. All in all, we think now is when we will observe the impact of the measures.