Thank you, Mr. Chair.
In response to wage decreases, I'd like to highlight in the first instance that the pandemic was quite exceptional in that it impacted people who were in the lower part of the income distribution more than the upper. At CMHC, when we're looking at our book of business, the people who were homeowners were actually more insulated from the impact of the crisis than others, so I think that provides some strength to the housing market.