Thank you.
If you look at the rate at which Canada was constructing homes in the 1970s, we were building about 12,000 new dwellings per million population. The rate since then has come down to about 5,000 to 6,000 new dwellings per million population. Not only that, even in absolute terms our construction numbers have been down. That's the primary reason we believe the imbalance between demand and supply is the primary cause of housing price inflation in Canada. It has not been for just five years or 10 years; it's fairly deep-rooted.