Thank you, Mr. Chair.
Ladies and gentlemen, welcome to the House of Commons parliamentary committee on finance.
My initial questions will be for you Mr. Campbell, and they have to do with the banking system. I am very happy to welcome you to our committee.
Obviously, you know better than anyone that, in early October, the Minister of Finance decided to tighten the standards for home ownership by using what we call a stress test, in which the mortgage rate is doubled, in a way. I'm cutting corners by saying that, but the mortgage rate is doubled to determine whether the person who wants to borrow can survive such a situation, should interest rates rise.
With the statement the day before yesterday by the president of the US Federal Reserve that interest rates could rise starting in December—December, that's in one week—we are obviously all a little surprised by this.
First, I would like to ask you about interest rates for first-time homebuyers. What reactions have you seen so far in your banks and with potential clients, so young families and people who want to buy their first home?