Sure.
There is an issue on which I'm hoping to get a little bit of clarity for the record. There's been conversation about how government spending, in one way, shape or form, has had an impact on the housing market. In the pandemic, of course, when many people think of public spending, I think they think of pandemic income benefits, such as either the wage subsidy or the CERB and its successor programs. But the experience for many Canadians when they went on CERB was a revenue reduction. In many cases, they were making over $2,000 a month, and it meant less income. In the cases of those Canadians for whom it was an increase in income, it seems unlikely—but I'm looking maybe for some comment—that banks would give someone a mortgage based on their having a temporary $2,000-a-month benefit.
I just want to be clear on this. When we talk about government spending that has the ability to impact the housing market, is there any evidence that the spend in pandemic income support on the CERB and the wage subsidy and like programs was the kind of spending that may have made an impact in the housing market from the point of view of driving prices up, or are we talking largely about the liquidity that was granted to financial institutions in the first days of the initial lockdown?