You were saying, is the market slowing down? Yes, it's going to slow down but it's going to also.... It's a bit early to say, but it's going to slow down obviously for the first-time buyers, the people who are on the fringes. But there is one compounding effect that we may see coming forward.
A first-time homebuyer, what were they before? They were most likely a renter. We have a limited rental pool in many centres. Now the problem is that if you keep people in the rental pool and you can't get people to qualify as first-time buyers, you're going to have another stress test, in a sense, or a difficulty for people who want to rent. Those rents could possibly go up. Therefore, the overall cost is not just to the home purchaser but to the actual person who is looking to rent. In Vancouver the vacancy rate is very low. If we don't remove people from the rental pool and make them first-time buyers, then we have an issue of housing again on the rental side.