Thank you.
I think we've heard testimony from all of our witnesses today, and certainly from other witnesses and other concerned people, that there really isn't any such thing as a national housing market, or that a national housing market is a collection of local markets with local factors and local challenges. The consternation and hand-wringing around housing seems to revolve around two markets in Canada. However, the most recent changes to mortgage qualification have been across the board. As was already asked by my colleague and established here to have been done, it would appear that was without any consultation to the largest non-bank lender in Canada, and one of only three providers of mortgage insurance.
I'd like each of you to quickly comment, and I would like you to be quick because I have a follow-up question. Are there not ways that for local concerns over local markets a different approach could have taken by the department?