Thank you. I'll move on, but “material” to Canadians means more money to be expected from this government for the ownership of their homes going forward.
One of my colleagues talked earlier about the mortgage interest cost and the homeowners' replacement cost. We know the mortgage interest cost is going down, because of this government's monetary policy. It is more than made up for by the actual increase in the homeowners' replacement cost. I'm sure you've seen that in your data.
The data I have says that you can take the mortgage interest cost down by about 6% for Canadians over the last couple of years, but that's caused an increase of about 15% in the homeowners' replacement cost. One does not balance the other. We always say that mortgagers don't buy houses; they buy payments. Their actual replacement cost is going up.
How is that reflected in your calculations? We're not seeing it. It's so different from everything else we're seeing compared to our neighbour, the U.S., for instance.