That's particularly a problem at the local level. It seems to be especially a problem in areas like Toronto and Vancouver, where land is constrained or contained to certain areas. The local governments have been reluctant to increase supply, but we've also seen demand increase sharply.
It's not just a matter of supply. We've seen demand increase sharply. This goes back to 2015, when the Bank of Canada first lowered interest rates. If you look at graphs of housing prices in Vancouver or in Toronto, they weren't doing anything exceptional before 2015. The minute we cut interest rates in 2015 and the oil boom stopped in Alberta, and immigrants coming to Canada stopped going through Toronto and Vancouver and then on to Calgary and just stayed in Toronto and Vancouver, we saw prices in those areas start to explode, and basically that's just continued ever since.