Thank you, Mr. Chairman. Thank you for the question.
Yes, over the past several years, collectively we've made important changes to the mortgage insurance system, which I think in general have been quite good, as well as important structural changes in the way we will deliver and fund mortgage insurance.
The current government has since made a couple of changes to the rules regarding qualifications for down payments and maximum limits on loans. These took place after a one-year or two-year pause in changes to regulations. I think that it was good that we waited that long before the further tightening that the government has put on the table.
I do worry that the current measures will make life a little more difficult than it has to be for first-time buyers. Time will tell. At this point, I would strongly recommend that the finance department in the government take no further action on the housing market front until the market has digested the changes that are currently under way.