Thanks very much, Chair.
Thank you very much to our witnesses for being here today.
I'd like to start by directing my first question to Monsieur Giroux.
A number of the members have been alluding to the vacancy tax in Bill C-8. You were speaking about a report that I think I heard you say you issued this morning, but forgive me if I got the timing of that wrong. You were explaining to a colleague of mine why.... You had concluded in your report that housing prices were too high for many Canadians to afford to purchase a home—that's what I heard you say—and you quantified that.
You also spoke about why that is, why housing prices have grown so much. I'm wondering if you could explain that again and elaborate on it.