Thank you.
Mr. Perrault, I want to come back to something you mentioned in your testimony about the extent to which low interest rates, particularly in an inflationary context, are encouraging certain kinds of investment in the housing market. You said that, in your opinion, if I understood you correctly, interest rates have to go up in order to defeat some of these incentives.
Do you have a sense of where you think interest rates have to get to in order to accomplish that? What do you think the impact would be for folks who currently own houses and are leveraged to the hilt in order to have acquired those houses? What would that mean for the Canadian economy?