I don't think there's any question that it had a contributing and large role. I think Mr. Perrault put his finger on part of the problem. In this country, the federal government operates a lot of the levers that control housing demand, notably through interest rates and immigration quotas, yet the supply of housing is controlled at the provincial and local level. We've had an enormous amount of stimulus go into housing. We've seen a big shift in consumer spending from services to goods. Obviously that has created a lot of inflationary pressures.
On January 24th, 2022. See this statement in context.