Thanks to the witnesses for being here.
I want to drill down to the risk factors, because this committee is doing pre-budget consultations, and these factors will inform our recommendations as a committee to the minister.
Let's look forward. We know that the likelihood of a softwood lumber agreement is zero to nil, so there are going to be major adjustments in that sector of your economy. That's layered on, as you have said, the reductions in timber available for harvest and what I would call, from being a builder my whole life, a distorted market condition in Vancouver. I've heard many analysts describe how it's come to be that way, but it is that way. We're looking at household debt above the national average.
I'm painting a bit of a gloomy picture here, but there might be light at the end of tunnel in the form of the two pipeline projects under consideration by this government, if they see favourable approval. That could offset some of the downside risk that you have accurately articulated and I've just tried to summarize.
What are your views on that larger picture, in particular, the potential effects of pipelines, should they be approved?