Mr. Chair, perhaps I'll go back to the question by the honourable member Mr. McLean.
In 2015 we had a fairly sizable correction in Vancouver housing—a double digit one. In 2017, following the 2016 boom, we had a similar one in Toronto, and certainly predating those, there were plenty of mortgages underwritten, and some of them were underwritten with low down payments. Through those events, mortgage insurers did not suffer disproportionate losses. Banks did not suffer disproportionate losses, and credit delinquencies remained remarkably low. The buffers that have been put in place, whether by the Office of the Superintendent of Financial Institutions or by other departments of the federal government, including CMHC, absorb the volatility in those cities, and I believe they will absorb and are adequate to absorbing volatility that may come.
I'm not complacent and I'm always asking where we can add more safety, but I am very confident that we have very strong buffers in place.