If you're one of those people who's anticipating a renewal, you're watching rates. You're doing the math, and every time we change rates, you're probably asking, “What's the change in my payment?” More generally, we've heard a few things as we talked to both consumers, mortgage holders and banks over the last couple of years. Canadians are very prudent. Even through the great financial crisis, we never saw mortgage arrears go above 0.5%, so Canadians pay their mortgages.
Do they cut back on other expenses, or do other things to make sure they can do that? Absolutely. We've heard from Canadians saying, “I'm changing my spending habits or I'm saving up, so that I have a bit of a buffer when that renewal happens and I can pay down my principal.”
There are a variety of things that Canadians are doing in anticipation of those renewals, but we're glad to be able to add to that by bringing rates down. If the economy continues to evolve the way we think it will, there's room for them to come down a bit more, and that'll help.