As you said, this issue comes up constantly. Since last year, we have seen some encouraging developments.
First, obviously the new mortgage rules have changed things in a positive manner.
Secondly, household debt was on the upswing for a long time because of the increase in the cost of homes, particularly in Vancouver and Toronto. That is the factor that contributed the most to growing debt. However, that increase has declined considerably recently.
Third, the growth rate of debt is generally lower than the rate of nominal income.
I hope that this has already peaked and that we are entering a period of adjustment for households. This period may extend over several years, perhaps even 10 to 20 years. It is a gradual process, of course. That said, the situation is much more favourable than two years ago, that is certain.