I don't think they are any more or less at risk than the larger community. The biggest trigger for mortgage default is loss of employment, which really can affect anybody in almost any geography. First-time homebuyers are certainly a community that has had the hardest time qualifying since the introduction of these new rules. I think the societal concern we've had with the test since it was introduced is that while it seems to achieve the intended fiscal policy response in trying to curb overall levels of indebtedness, by creating a bit of a pause in housing market values because of a roughly 20% reduction in first-time buyers' borrowing power, those homes have effectively been on sale for the well-capitalized and the investment classes. The would-be owner-occupiers, the young, middle-class Canadian families trying to build homes for their growing families find them really unattainable.
