The impact has been that significant numbers of them have been frozen out of the market because of the requirement to have a higher down payment. When I talk about the housing spectrum in my remarks, really what I'm saying is that the impact of keeping people out of the market has repercussions for everybody on that spectrum.
In Ottawa, for example, there are 12,000 people on the waiting list for social housing, and the average time to get into social housing is over five years. If you're a family, it's close to 10 years.
When someone purchases a home, they're not just moving out of their parents' basement. They're moving out of a rental apartment. They're freeing up a rental apartment for somebody who's in social housing. That in turn frees up a place in social housing for somebody who's on the waiting list. That's sort of a simplification, but the fact is that's the way it works in housing. It's a continuum.
What we've found is that through a variety of policy measures the market has been impacted. In some places it's severe. We're also saying that we recognize the concern from policy-makers with household debt. It's really a fine knife-edge in balancing the concerns of the housing market with the financial system. That's why you hear the Governor of the Bank of Canada expressing concern around household debt.