Thank you, Mr. Chair.
Thank you to all our witnesses both for the work you do every day on behalf of Canadians and for your appearance and your expertise here today.
I'd like to start by saying first that there are a lot of concerns in my area. I'm from British Columbia. Obviously, I've had people throughout my riding who felt they were on a good path towards home ownership, particularly young Canadians, but because of these rule changes, that's been pushed back. I understand some of what you've said today, but I think most of us would agree that home ownership has served Canadians quite well. It is a place where people can store away equity over the long term. I think we should be very cautious before there are any future changes, as we heard in our pre-budget consultations. Time after time, we heard from credit unions and others that these changes need to be digested further.
I'd like to start with a question about these changes enacted by the government. Were they enacted under the Canada Mortgage and Housing Corporation Act? Is that where their authority came from?