Thank you, Mr. Chair, and thank you to all of the witnesses for being here.
I'll start with Mr. Perrault. In a report on the housing market that you did last month, you estimated that the rebound will be quick, partially because of a rebound in immigration.
I'm now wondering if you would change that prediction at all given the latest changes that CMHC has announced for tightening up of credit.
I might want to send that to Ms. Cooper, as well.