Yes. When we think about residential mortgage risk, Mr. Chair, we think about a variety of factors. Some of them, like the fast rise in housing prices, give us cause for concern and can foreshadow a deterioration in mortgage credit risk.
Other elements, for example, debt service ratios—the percentage of debt payments mortgagors will have to pay relative to their disposable income—are getting better. To give you another number, there are five million mortgages outstanding according to the Canadian Bankers Association, and in that dataset only 8,720 are in arrears today. That's lower than it's ever been—at least in their dataset—so credit quality is unusually high. That's a sort of countervailing factor that explains how while on a net basis it has risen modestly because of the acceleration in prices, it is offset by other facts that show it is diminishing.