Thank you, Mr. Chair.
Mr. Taylor, prior to the stress test, 20% of mortgage holders held loans that were four and a half times in excess of their annual income. That's from the Bank of Canada. This was at a time when we saw—and we continue to see, but particularly at that time—historically low interest rates. Most people, if not all, who study these things would agree that these are not sustainable numbers. Post-stress test, that number has gone down to 6%, a much more sustainable situation, I would say, and I think you would agree.
What do you have to say to them? All of this comes from the Bank of Canada, which advised that a stress test be put in place. We've had the Governor of the Bank of Canada here, Stephen Poloz, who is much more confident now about where things are and who worries much less about household debt leading Canada into an economic downturn.
How do you respond to those figures and that narrative?
I found myself over the past couple of meetings questioning witnesses saying this. I don't mean to be combative with this. I'm genuinely interested in your perspective on it.