—which I think is a tremendous step. No doubt, representing the Vaughn-King area, you hear about this all the time.
To answer the question, I think there are three categories here. The number one category was to try to move the pendulum back. There have been a significant number of measures taken at the national level. I get that the purpose is trying to ease up demand in the housing market and make sure that you have sustainable and responsible borrowing, but I'd argue that the pendulum has swung too far.
I'd say, look at easing up. The dynamic nature of the stress test has become too cruel and blunt an instrument, especially because the mortgage rates are increasing. I would look at restoring the 30-year amortization rate for insured borrowers, as well, which was taken away. People usually get that when they're starting out in their career. They're going to climb the ladder, and they're going to put money away. It's an achievable way to get home ownership.
The third area I think you should look at is the caps that you currently have on RRSP deductions. When it comes to the cap on housing, I know that a $1-million home sounds like a lot, but as you know, in York region, the city of Toronto and Vancouver, it's a middle-class entry-level home.