The difference can be explained quite simply. Conceptually, we looked at the demand that comes from demographics and repressed demand, and came up with the estimate you mentioned. Our aim is not to re-establish a particular price level. CMHC, for its part, made its estimate by assessing the number of units that would be needed to return to the level of affordability that existed in 2003–2004. It therefore probably includes in its estimates a notion of price decline to return to the level of affordability that existed some twenty years ago.
