Thank you very much for your comments on that.
You mentioned the debt-to-income ratios of Canadians. There is obviously a lot of concern when Canadians are stretching themselves a bit too thin. It's happening a lot in our neck of the woods. If a middle-income family has a home in Brampton East that they probably bought for $550,000 to $600,000, that home might be worth a million dollars, and that's only in the last four or five years. Now they've taken out the equity and put down a deposit on two or three homes. At the same time, they have two SUVs they have financed, and they might have a kid they're paying tuition for in college or university.
To me this is the biggest risk to the housing market, because people are then going into the secondary market to close on these deposits they've made on homes that haven't been built yet in order to close on the mortgages, and they're paying 12%, 13%. We don't have the data, and this never shows up in your debt-to-income ratio.
In your report you mentioned that it would be catastrophic to get to that point, as though we're now far from a housing crash. In certain regions, however, if that were the scenario, would it not present legitimate risks for the Canadian housing market? If something happened in Brampton or Toronto, wouldn't there be ripple effects all across the country?