Let me just clear up something on the facts, then I'll turn it over to Carolyn.
A year ago, we were reporting a new piece of research that we had published that made an attempt to analyze housing markets globally, not just Canada's, but global housing markets, in cases where there had been periods of overvaluation and then adjustments. It's an attempt to understand the fundamentals.
That came in the context of a number of other studies that others reported where there was a wide range of estimates as to whether the Canadian market was overvalued and whether you could even say something like that about the Canadian market since it varies so much from region to region.
Our conclusion was that those kinds of figures are very risky to appeal to, given the variety of experiences we have across the country, and that there are a number of significant differences from market to market that aren't actually incorporated in models like that.
With all of that as background, perhaps I'll turn it over to Carolyn for an update on how the housing market has evolved and what our current standing is on it.