I'll make two points.
Undoubtedly, population growth is significantly adding to demand. It's also significantly adding to supply.
I'll start with supply. You can see this very clearly in the labour market with a large number of newcomers. That has helped ease the pressures in our labour market. Our labour market was very overheated. It's now in much better balance. In fact, I think this was in a previous monetary policy report. We had a chart that linked those: The sectors where there has been the most immigration are also the sectors where we've seen the most rapid rebalancing of the labour market. There's clearly a link there.
Equally, there's clearly a link on the demand side. What our analysis tends to indicate is that, for consumption more broadly—not shelter, which is separate—the economy has done a pretty good job of absorbing that demand. There's enough flexibility in supply that the.... Obviously, if you have more people, you have more consumers and shoppers, but there's been enough flexibility in supply to accommodate that. It hasn't had material inflationary consequences.
Shelter is a different story, and we already talked about that. We've had a long period in Canada during which the demand for shelter has been growing faster than the supply. The acceleration of immigration—both permanent and non-permanent residents—has further increased the demand. Supply was already not keeping up, so there hasn't been the flexibility on supply. It is boosting shelter costs, and that's showing up in inflation.