You've caught me on a day when my frustration with the CMHC is at an all-time high. It's managed to create what I regard, and what many community housing developers regard, as the perfect mortgage product. The MLI select mortgage is flexible in its amortization, its term and its rates. Then the CMHC didn't allocate staff to process applications, and we're told that an underwriting application for the MLI select mortgage product will take eight months to process.
Now, I don't know a real estate deal, whether it's in the private sector or the community housing sector, that can survive an eight-month waiting period. Those deals die on the vine, and we're not able to deliver a new affordable supply with those restrictions in place.
The CMHC was the envy of the world in the late seventies to early eighties in stimulating the construction of purpose-built rental supply and of co-op and non-profit housing. That capacity is just not available to us today.