Everybody's obviously watching. I think we've seen the early round of impact, if you look at the December, January, and February numbers out of Alberta. There, I think, it was a confidence story. The shock has been quite dramatic and confidence has been rattled by it, given all the other shocks we've been putting up with. Now the next thing to watch is the employment side, and I think that's the key for the housing market. When you look at the housing market, invariably it's tied to the employment market, and if we're right, and jobs continue to grow, the unemployment continues to drift below its 20-year average. That suggests to us the adjustment in the housing market won't be dramatic and we think the bigger risk going forward, albeit more next year and the year after, is a rate increase rather than this shock.
On March 11th, 2015. See this statement in context.