Thank you very much, Mr. Chair.
Thank you to all the guests and all the folks from London who have joined us today. It's great to have you here.
I'm going to focus my questions and comments on home builders, on Ms. Wastell and Mr. Lee. Either one of you is welcome to jump in and answer.
You talked a bit about the effect of interest rates in both your submissions and testimony today. I want to be clear on one thing: It's not just the interest rates that affect the actual homebuyer; it's the home builders as well. As interest rates continue to creep up—as former Liberal finance minister John Manley said—and as this government continues to spend, Governor of the Bank of Canada Tiff Macklem is forced to hit harder and harder on the brake, which is increasing interest rates.
Would you please comment on the effect? I think it's rather obvious with respect to homeowners, but could you also comment on your members and their ability to make use of the capital and build homes if interest rates continue to creep up.