Thank you very much for the question. I was just about to get there.
With the interest rates, the Bank of Canada has tightened from about a quarter of a per cent as of March 2022. They've now tightened up to 5% in terms of their policy rates, with the risk that those could go higher, for sure, if inflation persists. These are things that are going to lead to, and have already led to, increases in variable interest rates on mortgages, with people reaching their trigger rates and having to either face higher payments or get behind on their amortization.
Eventually that's going to lead to a reset of mortgage payments that could be more difficult for many households. Luckily, the mortgage rate stress test was in place, which protected against some of that increase, so most households that got a mortgage in the last four or five years—I don't know the exact start date—have had to qualify at a rate that's about 200 or more basis points above the contract rate—