Thank you, Chair. Thanks to the witnesses for being here.
My first question is in relation to the IMF announcement that Canada not only has the most indebted households in the world but also has a real risk of a mortgage default crisis.
We know through the Governor of the Bank of Canada that government deficits make it harder to fight inflation. We also know through the current finance minister that deficits fuel inflation, which makes interest rates go up. We've seen inflation go up again, up to 4%, double the rate it should be currently. That could have another impact in the form of another interest rate hike.
I'd like to have both the Department of Finance and CMHC give their thoughts on this looming crisis, which seems as though it's going to be massive.