I'm not nearly as fussed about the stress test as maybe some of the people who have appeared. I think there's a lot to be said, in that if you're taking a mortgage out at 2.69%, you should be able to handle an increase in interest rates, maybe not 200 basis points but maybe 100 basis points, or some increase.
I think it's appropriate. What I can't understand is why you're applying it mainly to first-time homebuyers. If we're concerned about people having stress, why are we only doing it in 30% of the market that's insured? Why aren't we doing it for the entire market? Why isn't OSFI bringing those rules in for people who are borrowing $1 million or $1.2 million? They're going to have the same type of stress in five years, yet that doesn't apply to those people. You still have 70% of all mortgages now that are qualifying at the contract rate, and the first-time homebuyers are now being contracted at the Bank of Canada rate. It seems inconsistent to me.