Thank you very much, Mr. Chair, and thank you, Minister, for being here at the finance committee.
Minister, I'm going to ask a few questions that my constituents ask me all the time.
One question I get a lot is about what has caused housing prices to climb so significantly, especially over recent years. As you pointed out in your preamble, folks are struggling. Folks are struggling to buy a home—those who want to buy one. Folks are struggling to rent a home. First-time buyers in particular are struggling. Of course, the higher interest rates we're experiencing are a tremendous challenge to folks who are renewing mortgages. There are a whole series of issues around the cost of housing that people are struggling with.
Could you answer this question for me? What has caused housing prices to go so high?