The most obvious change is the reduction in the size of the first-time homebuyers participation rate in the market, which, as we said earlier, could be as much as a third. After considering borrowing behaviour in terms of buying a cheaper home or further out, it might be 15% to 25%. That has yet to be seen, and that's my point. We need to wait and see what that will be, but there are other changes, too, and they are some of the related changes to the low-ratio portfolio rules that were alluded to in terms of eliminating refinance, which certainly does impact a number of our customers more than others and does create some disruption to the competitive nature of the market, impacting both consumer choice and cost.
On January 30th, 2017. See this statement in context.