Many of the metrics that one uses to decide whether or not a market is overvalued may be quite relevant for what we would say are normal times. Then immediately one realizes that we are not in normal times. In fact, our response to the crisis has been one in which interest rates went to extraordinarily low levels, and part of that policy prescription is that people will buy more houses, or buy them sooner in their life cycle. That has, to a degree, bid up prices across existing homes.
That situation, as we discussed a moment ago, we believe is a sustainable one and is in prospect of a soft landing, provided the rest of our forecast comes true. Nevertheless, as we say in our report, this is a vulnerable situation. So, yes, if there were a downturn in the economy, a rise in unemployment, that sort of thing, we would be vulnerable to some sort of price correction in the housing market. The banks, I'm sure, when they say they are sanguine, it's because they know that the quality of their underwriting has been very strong, that in Canada people don't normally simply walk away from their home because the price may have gone down. Prices have gone down from time to time in the past. It would not be the desirable outcome, but it would be one in which the economy could be resilient.