Thank you, Mr. Chair.
Thank you, Governor and Deputy Governor. I appreciate your being here today.
I want to continue the questions around the impacts on housing of a rise in interest rates, particularly variable interest rates, because they're going up. People in some areas of the country.... You mentioned Toronto and the Lower Mainland. I can tell you, as a Lower Mainland B.C. MP, that the housing crisis is profoundly acute and the difficulties people are experiencing are monumental. We have pensioners who have paid into pensions for their entire lives who can no longer afford housing. As the deputy governor mentioned, there are a number of factors, including a problem of supply. We simply haven't been building affordable housing for decades, and with that it has all come to a crisis.
My first question is around the impacts of monetary policy and the rise in interest rates. With your model, do you also look at the number of bankruptcies and foreclosures that come from every quarter-point rise in interest rates? Is that part of the overall model?