I go back to the fundamentals, and I always think to myself if I look at the Canadian housing market, unlike the United States where interest is tax deductible, we have a very large incentive to pay off our mortgages as quickly as possible. On a good share of homes in Canada, the mortgages actually don't exist. People have paid them off. It's a very high number. From my rating agency days, it was about 60-some per cent, if I remember correctly.
In York region, the area I represent, I met with the York region housing folks. Eighty-seven per cent of homes in York region are actually owner occupied, a very large differential versus Toronto. You cross the border of Steeles and it's a very large change. The numbers we were provided were 87% owner occupied and 13% rental, so it speaks to the importance of home ownership.
I think within our budget, we were able to lend something, an innovative product, shared equity mortgages, which I think you would have to agree will encourage homebuyers to take up in a very prudent manner.