Well, globally, it looks like 2008. It seems that the recovery from 2008 after the real estate crash precipitated by the U.S. mortgage vehicles was the starting point. You get some ups and downs in various economies, but generally there has been this separation of the asset value of urban real estate versus the salaries of the people in those locations to manage those costs. That's been going on since 2010 or so in a very dramatic way.
I want to emphasize the point that it's almost the worst in the world in the Vancouver region, so we know a lot about it, but it's happening everywhere. Sydney and Auckland, New Zealand, and even Shanghai and places like that have a similar problem. It has to do with what they call the “financialization” of housing, which really means that it's assessed on its ability to appreciate over time rather than how much it's worth to me as a commodity.