Thank you, Chair.
My first question will go to Mr. Siddall.
Mr. Siddall, I share the sentiment of all my colleagues. Thank you for serving the country in the way that you have over these years, and I wish you nothing but good things in the future.
I want to ask you a question related to interest rates. It seems as though they will remain at very low levels well into the future, with the historic lows we've seen since the onset of the pandemic and the Bank of Canada and its governors hinting that there won't be an increase until the economy is really rebounding, and we don't know exactly when that will be. I was interested yesterday when the Parliamentary Budget Officer offered a projection that is very positive. Again, we just don't know.
Given that, is it safe to assume that housing prices will continue to increase with such low interest rates? What does that mean for the average Canadian?
I can tell you, in my community of London, Ontario, the average home price since 2015 has increased nearly 150%. Week after week, I talk to real estate agents and I talk to constituents. My constituents are being priced out of the market. Real estate agents can't keep up. There's such demand for homes that home inspections are a thing of the past. That's not happening anymore.
I just wonder.... I'm putting a number of things to you, but I guess if you're going to focus on one thing, it's this: How sustainable is this situation, given that interest rates are likely to remain very low well into the foreseeable future?