In our projection, we expect that the growth in housing activity will moderate. We do expect, though, and it's built into our projections, that housing activity is going to remain quite strong. Immigration is coming back up. Population growth is strong. People have jobs. Wages are going up. Incomes are healthy. All of those things are going to support strength in housing.
We do expect it to moderate. Raising interest rates will be a factor that will help moderate it, but we expect it to gradually diminish.