Mr. Chair, on the first thing, just for a financial stability perspective on the question, we have seen ups and downs in local housing markets and we have not seen the disruptive situations that we saw in other countries, so the buffers that we've put in place worked then and are stronger now.
With respect to the drive-up in prices, there is a multivariate explanation. Certainly, one of the explanations is lower interest rates. If you lower the price of something—in this case, residential mortgage credit—demand tends to go up. Other factors are this persistent supply/demand mismatch, which does put a bit of an underlying floor under price and gives investors or “speculators” some confidence to come in. That is perhaps why we're seeing more speculators come in.
There is a multivariate explanation to your very fair question.