Welcome, Governor, and Deputy Governor.
I have a question on the potential of a housing bubble in Canada because the perspective outside our borders, from groups like the Economist Intelligence Unit or Paul Krugman or the OECD, is very different from that which I receive from Canadian banks. The OECD believes that we're vulnerable to a price correction, yet the banks are quite sanguine about the whole thing.
How would you explain the delta between the perception of housing valuations outside of Canada among these experts and the perception of the Canadian banks, and where do you fall in that, or who's right?