Of course we're concerned about the impact of interest rate increases on families, because we understand that families are stretched and additional expenses can stretch family pocketbooks. Having said that, when we look at the mortgages that CMHC insures, which we stress test on a regular basis, our observation is that mortgage defaults are caused primarily by surges in unemployment. That's what causes mortgage defaults. For most families, we find that interest rate changes can have an impact, but it's a very small factor relative to others.
One thing that's worth pointing out is that we have a system in Canada such that when a first-time homebuyer, for example, qualifies for a mortgage, they're qualified at a stress rate. This buffer between the contract rate and the stress rate provides a bit of a cushion for some of those unanticipated interest rate changes.