I agree with you, Governor, that it very much could be reactionary. It could be positive in certain markets. It could be negligible in certain markets, as most assumptions are. There are assumptions that in Vancouver and in Toronto the changes won't have too great an impact because demand in housing will keep pushing it along.
Because Canada's economy is very much regionally based, however, it will differ. It will have disproportionately negative impacts upon the east coast provinces and some of the prairie provinces because of housing. People won't qualify for mortgages anymore. I think this is something that only time will tell as the policy is rolled out.
Deputy Governor, my colleague asked a question on data concerning fixed-rate mortgages. I'm assuming you also track the default rates on mortgages across the country.