I can't speak for other developers, but I know that there have been some significant announcements in the city of Toronto whereby developers are re-evaluating condo projects and now looking at the viability of building rental projects instead, as we have done as well.
Probably the most significant impact has to do with financing and the allocation of capital. We had a meeting with one of our large capital backers last week. Whereas in the past that capital backer has primarily invested in condo projects, they said they're now interested only in rental projects.
That's for two reasons. One is that the forgiveness of the GST has now made many rental projects viable when they weren't viable. It's also a way of mitigating risk in a context where there is a challenge, given high interest rates, with selling condos in the first place.
There's a real opportunity. We're in a moment. Sometimes a moment happens, and you can seize that moment to fundamentally drive new kinds of housing supply. We're in a moment right now when the forgiveness of the GST is changing the way capital partners, large pension funds and banks are allocating their money to development projects.
That's a significant change.