I think there are some new areas of investor demand that we would do well, in this country, to understand and be concerned with.
One area is student accommodation. We are learning that students are having a very difficult time both paying for tuition and paying rent. In many cities—Halifax is a really good example; I have a daughter there right now—it's the rent that's more unaffordable than the tuition.
What worries me is that the answer a lot of people give is to build more student accommodation—more supply. Again, I push back against doing that without regulated supply. I've seen in countries around the world—my expertise is international as well as domestic—investor companies building and buying units for students and then charging exorbitant rents. It means that student housing is available, but it ends up still being unaffordable—I mean, incredibly exorbitant.
Some of the buildings are amazing. They have ping pong tables, cafés, swimming pools and running tracks, etc., but they are unaffordable. This, of course, increases differences in learning outcomes for students who can't afford the exorbitant rents. They live further away from campus and they're often already working a job, so it makes it more difficult for them to achieve.
The other area—I won't go into any detail—is of course long-term care homes. Obviously, as we have an aging population, there's going to be a growing need. That is a huge investor area. Long-term care homes are both expensive and deplorable, as we learned at the beginning of the pandemic.