Thank you, Mr. Chair.
Welcome, everyone. I believe this is the third session we've had on the housing market and we've heard some great testimony.
I'd like to make a couple of points before the question. First, in Canada we have a 69% home ownership rate, which is pretty good if you compare it with any G-7 country, or if you want to lump in a few other countries. We have a very high and healthy home ownership rate. We have a lot of people, about 40% of the market, who actually don't have a mortgage, which is another great thing. We've never had some of the lending practices that they had in the United States, such as NINJA loans, adjustable-rate mortgages, or collateral that was really never there. If you ever watched The Big Short , that's basically true.