Thank you very much, Mr. Chairman.
Our organization would say that we believe that Canada's real estate market has been exceptionally well served by the regulatory framework that has been in existence. We have the opportunity to interact with our colleagues internationally and have observed what has happened in other real estate markets when the fundamentals of mortgage underwriting are askew. When the process does not place adequate emphasis on the borrower's capacity and willingness to repay, higher-risk borrowers enter the market, which can have disastrous implications.
Our organization is perhaps somewhat unique in that our members have no vested interest in the outcome of the transaction. We're focused on the health of the marketplace, up markets and down markets. It is our contention and our belief that the consistent application of the type of regulatory framework that has existed in our country would continue to serve Canadians and the marketplace well.
That would be our comment in response.