If members are ready, we'll call the meeting to order. Welcome to the first session of the new year 2017.
This afternoon, pursuant to Standing Order 108(2), we're starting a study on the Canadian real estate market and home ownership in relation to housing prices increasing in certain areas across the country.
We have three witnesses, and we'll start with Sylvain Leduc, deputy governor of the Bank of Canada, and Don Coletti, adviser to the governor.
The floor is yours, Sylvain. Welcome.