This housing crisis has been—I would argue—decades in the making in some parts of the country. Before the pandemic, there was already tremendous stress in the Toronto and Vancouver areas, for example. What happened during the pandemic was that the stress spread out across Canada. Now you can arguably say that what we have is a national housing crisis. It's no longer a localized one.
Fundamentally, as was said before, it is an imbalance between demand and supply. The supply side has been unable to adjust or respond quickly enough to the very strong demand we've had over the last many years.
Our view is that the policy side should continue to focus on.... We're happy to see that all levels of government, now, are talking about the supply side, but we need to grow the housing stock in Canada to accommodate all that demand. When I say, “housing stock” here, I mean the entire spectrum. This is not just on the ownership side. This is also on the rental side. This is also on the social housing side.
We need to address this nationwide issue now with a big push to grow that housing stock to accommodate that demand.