Thank you, Mr. Chair.
My opening statement will be brief relative to those of my fellow panellists.
My name is Rishi Sondhi, and I'm an economist at TD Bank. I'm the economics group's housing-market expert, and I'm responsible for publishing research on housing and generating quarterly forecasts for home resales, average home prices in the resale market and housing starts.
The TD economics team's last official forecast was in March 2024, and we're right in the middle of updating our projection, which will be published on June 18. However, briefly I can say that conditions in housing markets have evolved broadly as we had anticipated in March during the spring season.
Last of all, I'd like to say that the views expressed today represent those of the TD economics team, including me, but do not necessarily represent the views of TD Bank more generally.
I look forward to your questions.