Thank you, Chair. It's great to be with my esteemed colleagues.
Welcome to all of the CMHC officials today.
Mr. Dugan, thank you for your frank assessment of the Canadian housing market. You've been an economist at CMHC for a very long time. You've seen what I would call a few housing cycles. On where we are now, if you had to define it, where would you characterize we are in the housing cycle in Canada?