I think you've described, actually, the difficulty in the housing market quite well.
Exactly as you described, when interest rates were very low, demand for housing was very strong. We saw a large appreciation of house prices. As you're well aware, house prices through COVID went up more than 50% over two years. That wasn't all interest rates. Part of it was that people wanted more space during COVID, but interest rates were certainly a part of that.
That actually pushed up shelter price inflation. Shelter price inflation has actually been quite high for several years. What's changed with the increase in interest rates is the composition. It was largely because the house prices were going up a lot before, and mortgage interest costs were very low. Now, mortgage interest cost is high, but house prices are not going up very much. They came down a little bit and they've kind of stabilized. They're going up slowly.
I think also, to get back to Mr. Ste-Marie's question, what this highlights is that you're not going to solve housing with low interest rates and you're not going to solve it with high interest rates. We've tried both, and we've had high shelter price inflation. It comes back to this: The durable solution is to increase the supply, and that includes both the supply of homes and the supply of purpose-built rental.