Last year, when you appeared before our committee, Governor, you talked about the housing market and you had an interesting statistic with respect to concerns in the housing market. You said in your report that the markets were overpriced by about 10% to 30%.
I know my former colleague, James Rajotte, and you had a discussion about that at committee. I'm wondering if you think we have a housing bubble in Canada at the moment, because things certainly have deteriorated in the economy since then. We are seeing severe situations in the Prairies and Alberta, for example, where my colleague Ron is from. I'd just like to get a sense from you where the housing market is a year on from when you appeared before this committee last.