Thank you, Mr. Chair.
Governor, I had occasion to look at the housing affordability index that your bank publishes. It was interesting. In 2015, at the tail end of Mr. Harper's administration, the index was at 32%. Today, under this Liberal administration, it's at 51%. It certainly highlights the problem, which is that we are in a housing crisis.
One thing that you said last week that I thought was interesting—and it might have been Deputy Governor Rogers who was talking about it—is that there is normally and historically a correlation between interest rates and housing prices. For example, if interest rates go up, housing prices come down somewhat; if interest rates come down, housing prices go up somewhat.
You said something interesting that I want to get clarification on. You said that the reason housing prices are not declining as expected is because of the structural shortage of housing supply.
I'm wondering if you could comment specifically on what you meant by that. Be brief, if you could, because my time is limited.