Thank you, Mr. Chair.
Mr. Dugan, we're very much looking forward to the study to be released in June. I'm sure it will be of interest to all committee members.
If I understood your explanation earlier, because housing prices went up and interest rates went down, monthly housing-related payments have not increased as much as housing prices since the beginning of the pandemic.
If interest rates were to go up in an environment where, as you have reiterated, supply is lacking, would that be liable to bring down housing prices? What is your analysis of that and what would you have to say about it?