It is very difficult for the people who are highly indebted—there's no doubt about that—and the adjustment is difficult. When we look at the impact, we look at those individuals but also at the rest of individuals. In Canada, there is a large proportion of people who have no debt or very little debt—debt that is more manageable.
In some of our material, you can see the proportions. That highly indebted group is about 18% of those who hold mortgages. Then many people—30% of people—don't have any mortgage. We are really careful to think about how people are adjusting by looking at different vintages of individual mortgages, and we also build that into our forecasting models so that we can get a better idea—not just talk about it but in fact take it into account in our decisions.
When we do that, in what we've seen so far it has been difficult, but we can see that overall, households are adjusting, the economy is doing well and businesses are getting their investment plans in place. We think that incomes will grow over the period in which interest rates are rising, and that if there is ever a time to get back to normal, as the governor was putting it, it would be during this period.