The direct answer on that is no. I think it's exaggerated. I think that the degree...which the media liked to cover, saying it was all foreign buyers who are driving things up, was greatly exaggerated in numbers. Since then the Province of Ontario study put it at around 3% or 4% of the market.
I do take your point though, that the federal government should focus on those who are avoiding taxes and not paying when they transfer ownership or sell ownership, who have residences outside of Canada. It's important. It levels the playing field with Canadians.
With regard to FINTRAC, my federal colleague Michael Bourque at CREA could probably give a better answer on that. My members would say—they would be mad at me if I didn't speak up— the paperwork burden on that is tremendous. It might be better if it were targeted at high-risk areas than on every transaction.