Thanks very much.
Thanks, Mr. Murphy, for coming in to speak with us today.
I want to build on some of the questions that have been asked by other members. In a nutshell, a purchaser who's buying a condominium can't take ownership in Ontario until, basically, full completion of a condo building. As a result, they can't get a mortgage until they take title, which doesn't happen until a later point in time. They move into the unit; they pay a “rent”—I use that word in quotations—but they're not paying a mortgage and they're not paying down the principal. They're paying a rent, which costs them more.
Therefore, the purchaser is paying more than they would otherwise, if they had actually owned the unit and had taken title, and the developer is not able...because they haven't been paid by the purchaser for the condo unit. Their money is tied up. Their capital is tied up in that development and not being deployed to build more housing, so it's not allowing more housing to be built during that period. Is that a quick summary of the problem?