Okay. I thank you for that.
Certainly, listening to some around this table at various times in the Parliament, you might have thought that quantitative easing was the reason we've seen such high increases in the cost of housing.
I want to talk to you about the other side of interest rates, which we don't often talk about. We spend a lot of time talking about the impact of interest rates on the cost of housing. We've had very low interest rates in Canada for a very long time now. The other side of the interest spectrum, of course, is retirement, and how low interest rates affect the retirement savings of Canadians, particularly those many Canadians who don't have company pensions. They rely on the CPP and their individual savings—and the performance of those savings—through either term deposits or investments in the market.
I'm wondering if you could you speak a little to the impact of low interest on people's retirement savings and what you think increases in the interest rate may mean for Canadians' retirement savings.