The stress test actually becomes more cruel as interest rates increase. That's another 200 points on top of that. That makes the option to get into home ownership for millennials, for new Canadians or for entrepreneurs even more difficult to achieve. We understand it had a purpose from the beginning, but now when we see that home ownership is declining despite economic expansion and despite low mortgage rates, that should be an alarm bell. If the stress test continues to rise with mortgage rates at 200 points, that's going to strangle housing growth in our country.
On October 5th, 2018. See this statement in context.