Thank you for that.
I'd like to go on to your presentation. I appreciate the issue of household debt as a percentage of GDP, though I take a different point of view than Mr. Poilievre, given the Conservatives' background in providing a lot of supports to the banking sector. A lot of family debt actually comes from people who can't afford housing, or their medication. They have to borrow because they're having to finance their education as well.
These are things that don't happen in so many other countries. As you correctly point out, Canada's family debt levels are among the highest in the industrialized world. Therefore I'm wondering, putting aside the issue of the IMPP, whether CMHC has evaluated what the impacts would be on the family debt crisis if we were making significant and large-scale investments in affordable housing.
We had an order paper question that showed that over the last five years about 14,000 units of affordable housing have been built. That is far below what is needed in this country. About one-third of Canadians are renters. We haven't seen an expansion of the co-op sector. What would the impact be on those household debt levels if we saw CMHC actually making large-scale investments in affordable housing again, as they did when we used to have a national housing program a few decades back?