As I mentioned, the imbalances in the housing market and the vulnerability to indebtedness is something we've been flagging for about the past two years. It's something that's really been a concern for us in terms of financial stability, in particular the indebtedness. The two really work in tandem, if you will. House prices are going up. People are reaching maybe a little bit more and getting into more debt. The fact that the indebtedness is rising the most for highly indebted people is really worrisome, because again, the macro conjecture might change very quickly, putting people under stress and under duress. Having to repay their loans, their debt, might be more complicated, putting stress not only on the macroeconomy but also on the financial system as a whole. We think that these risks have a low probability at this point, but again, they could have material impacts and so they are clearly something to watch for.
This is something we've been really preoccupied with at the Bank of Canada over the past two years. Our way to flag this is through our financial stability review. That's our tool. As you know, we're not overseeing banks per se, but we have a seat at the table with the senior advisory council. We provide advice to the Minister of Finance through that means, but to try to steer the debate in a different direction we use our financial stability review.