Thank you, Mr. Chair,
Thank you, Governor and Deputy Governor, for being here. I really appreciate it.
There was an article in The Globe and Mail, just before you sat down, that said you were commenting on speculative risk in the Toronto housing market. This committee studied housing and is about to present a report to Parliament. The housing question is obviously a regional problem. There are different issues in different parts of the country.
In my neck of the woods in Brampton, it's just gotten out of hand. In Brampton East, the month-over-month price increases are $30,000. It's very much speculative in nature, with people owning four or five homes.
What type of risk does this present for the Canadian economy? In your opinion, would an interest rate hike help slow down the speculative nature of the housing market?