The fact is that, as we said, when B-20 was put in place, we put in our monetary policy report estimates on how much of an effect that would have. It's not zero. It would have a slowdown effect in the housing market, because of course it acts very similarly to an interest rate hike in the system.
The fact is that interests rates have been extraordinarily low. The biggest risk we face in the financial system is that household debt is not able to cope with a more normal level of interest rates. That test was designed to help both lenders and borrowers figure out if they were capable of sustaining the mortgage they were thinking of taking on through an interest rate cycle of approximately 200 basis points.
I think that applies whether you are in Saskatchewan or in a market like Vancouver, where there were speculative juices flowing, or in Toronto, or in Atlantic Canada. It doesn't matter where you live; you're going to need to be able to withstand an interest rate cycle, because the economy is normalizing.
The quality of debt is what was at issue. If people can afford it today but can't afford it 100 basis points from now, then we're not doing them any favours.