Thank you very much, Mr. Chair.
Hopefully, we'll just get some pause for the committee to consider. This is an amendment to basically take a pause on purchases by foreign buyers in the Canadian marketplace for a two-year period, recognizing that it is not permanent. It's mostly so that we can all take a step back and try to take a little bit of the wind out of the sails of this breakneck speed that we're seeing in the property market.
It is, in our view, a reasonable amendment to put forward at this time and gives us a bit of additional time for data and opportunities to see what's happening in the housing market. Last year, as an example, we saw a 25% increase. We don't think this will be a silver bullet, but it will help to take some of the upward pressure out of the property market.
Thank you, Mr. Chair.