Thank you, Mr. Chair. I appreciate the opportunity of one last time, and I appreciate Ms. Dzerowicz's comments as well in defending why a commissioned study has been brought forward by CMHC, which is not attached to a cabinet minister. Nevertheless, if the Liberals weren't thinking about taxing home ownership, they'd stop commissioning studies on how to tax home ownership, so please stop the studies. Stop putting trial balloons out there.
Our job is to defend Canadians when they tell us that they don't want to have a tax on their principal residence. That has been the actual Canadian norm for a long time. We don't need to dive deeper into taxing Canadians in order to pay bills that have gone through the roof under this government's mandate.
I'll go back to the questions that we're asking of our witnesses here today.
Mr. Arora, thank you for all you've given us today. I hope you recognize that our intent here is to make sure that we're looking forward and avoiding what we've seen from other government agencies when they say, “Well, inflation is just transitory and we don't have to worry about it.” We do have to worry about it. The things that we have to look forward on for housing include the fact that, as we've pointed out, the cost of the mortgage interest payment has gone down, but the cost of the actual principal on the house has gone up significantly, including in your data.
When interest rates go up, those mortgage rates are going to go up, and the other part of that pendulum is not going to come down. That will lead to mayhem in the housing markets in Canada. We're trying to make sure that we're ahead of that and make sure that we're spelling out what the actual inflation is in housing here in Canada.
Can you comment on that, please? What's going to happen to the housing market when interest rates normalize in Canada?