To expand on my colleague's reply about activity, it is indeed too soon to tell. From the November, December and January results, we have not yet seen a downward impact on the number of real estate transactions. However, we are expecting that to be the case in the spring, which is traditionally the time when first-time buyers are most active in the market.
However, if we go by the mortgage tightening in July 2012, when the maximum amortization period decreased from 30 years to 25, that caused an 8% drop in resales in Quebec, followed by a somewhat smaller drop in 2014. That shows that it did indeed have an impact on the market and, in our opinion, it could be somewhat similar to the impact that was expected in 2013.
You also mentioned mortgages that are in arrears. At the moment, that figure is very low in Quebec, where only three mortgages in one thousand are more than 90 days in arrears. As I said before, if we try to look into the future and suggest what the factor determining that variable will be, we can see that, in the first analysis, it is employment, much more than interest rates, that makes up the determining factor. So, during times when employment is slowing down, we have seen that rate increase, but there was not necessarily a correlation with major increases in interest rates.