Thank you very much, and thank you all for this opportunity.
You've heard again today about housing affordability, over and over again, and the real problem is that house prices are too high. The federal government keeps pulling the same two levers, and they've been pulling them for decades—longer amortization periods at the CMHC and higher mortgage insurance limits—yet prices just keep going up. Those levers aren't enough. We need new tools. The house price ETF should be one of them.
It wouldn't be a magic wand, but it would be helpful and it would set the tone for more innovation. We need to keep innovating in financial products and in housing, and the federal government does have a role in facilitating that innovation.
I think it's fairly straightforward. Signal your interest in that at this committee. Study new innovations. Don't study the same old levers again and modify those. Ultimately, mandate the CMHC to provide support when industry seeks it to get these new products off the ground. There's a role for government in that, and I hope this government takes those steps.
Thank you.