We wrote on this. We released a report that was a fulsome take on the latest federal housing plan. The capital gains inclusion rate was rolled into that report. In it we said the impact would be highly uncertain. It's difficult to know now because we don't have a line of sight with respect to how the legislation will be fully rolled out, but there's some risk that it will be a negative factor for investment going forward, which would potentially weigh on rental supply. That's a potential impact. Again, we have to wait to see how the details roll out and wait to see how the market reacts to the information.
In the resale market, our thought was that it could cause a near-term boost in listings and supply, as potential sellers work to get ahead of the June 25 deadline, which could supply some modest downward pressure on average home prices in the near term.