I would just add, aside from the fact that our banks are highly liquid, capitalized, and diversified, there have been other measures aside from interest rates. We've talked a lot about the role of interest rates, but there's a role for macroprudential policies as well.
OSFI, last fall, and then most recently this fall, has taken moves to improve the quality of debt that's out there by providing clarified guidelines to financial institutions that are lending to households about what kinds of criteria they should put in place to make sure the household can withstand increases in interest rates. Here I'm talking about the new stress tests that they put in.
What they did last fall was aimed at the insured space. In the data, you can now see that the share of households that are very highly indebted—those are households that have a loan-to-income ratio of over 450%—has fallen from about 18%, to a little less than half of that now. What they did this fall, most recently, was to look at the insured space—that's quite a growing area—and applied very similar kinds of tests there. It's too early to say what the effect is going to be on that, but over time it will improve the quality of debt so that it will be more resilient to the shocks that the governor was talking about.