Every level of government needs to do a lot more. I think the term “wartime effort” has been used, and I think that's where we are.
The current government has taken some steps in the right direction. It's going to take a lot more to get from here to there.
Mr. Morgan was talking about the issue on GST on new homes. We do need to change the immigration system to get more labour. We do need to see the tying of infrastructure dollars and transit dollars to housing outcomes, which I think all levels of government are now getting on board to do. That's good. There's an awful lot that needs to be done to roll that out.
To your comments about GICs and the low rate of return, I think it's really important that we focus on.... It's not our developers necessarily investing those dollars. In many cases, as I said, those that are investing institutions—pension funds and that kind of thing—that can put their money anywhere.
For those who think that the market has failed for affordable housing, the market isn't supposed to deliver below-market rate affordable housing, by definition. You talked about the cost of construction going from $200,000 a unit to $400,000 a unit; there's a reason. The market isn't providing $180,000-per-unit buildings because it's not affordable. That is when governments need to step in.
However, if we don't fix housing affordability in the market rate, we will never be able to build enough affordable housing. I really think it's critical that while we focus on the importance of affordable housing and social housing, everybody also has to focus on construction costs, immigration and everything in the market rate because if people can't afford to buy and rent homes in the regular market, we will never have enough social housing and affordable housing.