Ms. Romy, your organization, the CMHC, predicted at the beginning of COVID that house prices would drop 9% to 18%, a prediction that made sense given that incomes dropped, GDP dropped, and immigration dropped—all things that you would expect would contribute to a drop in real estate prices—and yet they increased last year by 26%, a record-smashing increase.
Now, you did mention supply in your opening comments. Supply is a long-term problem in Canada, but it certainly cannot explain the sudden burst in prices, because of course we didn't lose 26% of our housing supply last year. Given that there was $200 billion more in house price purchases last year than in any year on modern record, where did all of that extra money come from?