Thank you very much to our witnesses for being here with us today.
I wanted to ask for a bit more historical context on the question of housing prices in Canada. We've seen extraordinary pressure just in the last couple of years. Anecdotally, in the Winnipeg market—just as the example that I know better—it seems that housing prices have been doubling about every five years or so for the last 20 years.
Have you compared the rate of housing price increases over the last couple of years to the trend line for the last 15 or 20 years? Could you give us a sense of the extent to which these are exceptional price increases in comparison to that trend? To what extent are those price increases following a trend that has been making housing more and more unaffordable for Canadians for some time now?