That's a great question about where we are in the cycle right now.
We're in an environment where interest rates have come up, of course, and that's been dampening housing demand, especially home ownership demand. In the past year or so, obviously, since interest rates have come up, we've seen a bit of downward pressure on house prices. That doesn't mean that housing is more affordable, because with the rise in interest rates, mortgage carrying costs have been higher.
In terms of the housing cycle, what worries me is that in the short term, with higher interest rates, we might see less robust housing market conditions than we saw, say, before interest rates came up, but in the longer term, my bigger concern is that because of the lack of supply, the long-term trend in housing markets is for a deterioration in affordability as rents and prices continue to increase.
In the short term, there could be some relief because of short-term cyclicality, but in the long run I really worry about affordability and price increases because of the lack of supply.