Thanks, Mr. Blaikie, for the question.
There are a couple of points on that. We do think interest rates need to go up, but they need to go up principally to try to bring inflation back into the realm of the Bank of Canada's targets. That's the principal driver now. Of course, by raising interest rates, you are going to cool the housing market in principle. There's no question about that.
One way to think about where interest rates need to go is.... We estimate the neutral rate for the Bank of Canada at about 2.5%. Currently, those rates are 25 basis points, and at least 200 basis points or two percentage points of tightening is required, in our framework, for the Bank of Canada to no longer be stepping on the gas, if you will, and to just be in neutral and not stepping on the brakes either. You're looking at something like 200 basis points just to bring you closer to balance.