Yes. Just to put that assessment in context, the assessment is really done so that we can figure out how much it's going to affect GDP. Okay? We need to know that to forecast inflation, so the assessment is really an estimate, a rough estimate.
The way we calculate that is to look at the prior year. In that case, it would have been the year before. For this particular change, it's the prior year as well. We calculate, if the profile of the people who applied for mortgages was exactly the same, how many wouldn't have met it. What we find in the work we published in our November 2017 FSR is that about 10% of uninsured borrowers would have failed the test. Many of those would have been in Toronto and Vancouver. It's not surprising, because that's where house prices are the highest on average.
That doesn't mean that all those borrowers would no longer buy a house. What they could do is decide to wait a bit and then buy a house once they've saved more, or they could decide instead to buy a less expensive house; that's what we need to wait and see for these current changes. What we noticed from the changes from a year ago that were acting on the insured space was that about half of the people who didn't qualify decided to just wait a really long time and not buy a house for a while. The other half decided to adjust and purchase a less expensive house.