I certainly don't feel qualified to speak for the financial industry, but I can say that climate change challenges have resulted in the impairment or reduction of the value of property that is secured by lending institutions. It has resulted in individual property owners seeing reductions in the value of their property, or the need to take additional steps to help protect that property from the impacts of climate change.
It's very, very clear, when you look at cities like Ottawa or Montreal, which were dealing with the amount of flooding that happened last spring, that there are steps that need to be taken. There are steps that homeowners need to take to understand where they're looking to purchase or build a home, whether that be the outright decision to purchase or build a home in that area, or whether additional steps need to be taken in the construction to help protect that home.
I don't think anyone can deny that we've seen the impact on the financial substance, if you will, of that real property. Certainly the Insurance Bureau of Canada is well positioned to speak to the magnitude of that, but I would say that the financial industry in Canada is looking for good, stable investments. That's been a hallmark of the Canadian financial lending system. Certainly, anything that would compromise that stability would be of concern to all aspects of not only the financial industry, but also the organized real estate sector.