We have three things happening to the housing market at the same time. One is that interest rates have risen since last year, and so we're watching for that effect. That would have a longer-term effect on the market. Second is that we have the change to B-20, which would also have a longer-term effect on the market. The third thing is the pull-forward part, which brought sales from the first quarter into the fourth quarter, and that part we would expect to regularize. We have low sales in the first quarter because of the high sales in the fourth, but by the time we get into the second quarter or certainly into the third, we should see things reaching a more stable place. That stable place will include all three of the effects I mentioned, not just the one. The big fluctuation we've seen will naturally reverse itself just because fundamentals remain very strong.
On April 23rd, 2018. See this statement in context.