We've seen a number of reports over the last number of years, but even as recently as this fall, by the Parliamentary Budget Officer saying that we're at a point now in Canada where 1% of the population owns and controls 25% of the wealth that is generated in the Canadian economy.
The reason I raise that is to ask, notwithstanding the liquidity provided to banks at the outset of the pandemic, what is your assessment of the amount of private capital and large savings on the part of a small, wealthy contingent that could be mobilized to drive a serious level of investment in the housing market? I'm referring to the wealth that existed prior to the pandemic. We know that housing inflation or costs were a problem pre-pandemic. We've seen an acceleration of an already vicious trend line, but to what extent are other forms of private capital out there providing the impetus for some of these massive housing price increases we're seeing?