I just want to finish up the answer in relation to securitization. Credit unions have been traditionally institutions that take deposits and make loans and we earn money off of a margin on loans, and retained earnings are of course important to our growth. In recent years, more credit unions have been getting into securitization as another conduit to fund loan growth. Actually, the CMHC has almost promoted it, in a way, in previous years by increasing allocations for credit unions to engage in securitization.
We're co-operative institutions, so now, unlike the banks, we're not allowed to go to private markets to raise capital. They can get access to covered bond markets because they have the volumes to do so. I just wanted to finish up that.
The second question was in relation to economic growth. The measures haven't all come into force; some will come into force on November 30. The Bank of Canada, in its recent monetary policy report, suggested that in terms of the impact of some of the measures that are taking hold, it is projecting that the housing sector will become a drag on economic growth, down 2%, I think. So let's put it this way. Other sectors are going to have to pick up that slack.
Frankly, we have to do a deep dive on the data side to determine what's going to happen. We're in a lot of rural and remote areas. I think the other thing you have to keep in mind is that the logic of these measures makes sense in the context of the lower mainland possibly, and parts of Toronto, and maybe the greater Toronto area. But a lot of the housing markets in the Prairies, in western Canada, the Maritimes, and parts of Quebec actually have housing surpluses or new builds that aren't being absorbed by the market right now. So I think you'll see that it would make it more difficult to absorb that excess capacity.