I do want to revise my earlier statement. I have, in fact, looked it up. At the end of the first quarter of 2020, 30% of all mortgages in Canada were insured by the federal government, by CMHC.
In any event, to your point, Mr. Poilievre, the higher debt is primarily held by younger households who did not get into the housing market early enough and therefore did not have substantial amounts of equity that a lot of Canadians have seen being run up since about 2002. They're also more commonly in big cities, where housing prices are very high. Certainly high household debt, as well as high corporate debt—corporate debt has risen quite substantially in the last five years—means that lower interest rates that would otherwise encourage households and businesses to take out more loans are much less effective. Despite the fact we're at zero interest rates, it's not very useful. We're not seeing tremendous economic growth as a result.