I will say, in response to that question, that at CMHC we like to focus on supply, but we understand that there are demand factors that create house price escalation in the short term. We are concerned about things like money laundering. One of the concerns is that we don't have a lot of good data that really helps us assess the extent of money laundering in Canada. There was a recent commission in B.C. to study this problem in more detail. According to that study, I believe it was estimated that perhaps about 5% of the price increases could be attributed to money laundering. Again, it was based on very imperfect data.
I think what's really important on the topic of money laundering is that many jurisdictions are putting into place a better way to keep track of who actually owns the homes, with beneficial ownership registers. I think that's something that can go a long way toward really understanding who is buying the properties. CMHC would be very supportive of the expansion of those kinds of efforts.