Thank you for that, Governor.
What I'd like to do is ask you something my constituents ask me all the time. I promised several of them that I would ask you the next time you came to the finance committee.
What many of them are struggling with is their mortgage costs. Many of those who already have mortgages have been renewing their mortgages at much higher rates than they did in the past. Some of them are approaching the point where they have to renew their mortgages and are very concerned about their ability to service those mortgages, get approved for those mortgages and frankly keep their homes, in many cases.
The question I get asked all the time, Governor, is this: When will interest rates come down? I know you can't give us a specific date, but what would you say to my constituents who are watching at home and asking, “When is the Governor of the Bank of Canada going to bring rates down?”