Thank you, Mr. Chair, and thank you to all of our witnesses for making their time available for Canadians today.
I'm going to start with Professor Dehejia. Hopefully, I have your name right, sir, but I do appreciate the submission you made earlier on.
First of all, there's a recent research paper, “Not Your Parents Real Estate Market”, by TD Asset Management, which explains how low interest rates and quantitative easing are the two main reasons that house prices have significantly increased since the global financial crisis of 2008-09.
The paper also expressed the opinion that Canada's housing market was currently in a speculative state in which prices are derived from extrapolating recent trends rather than fundamentals.
Sir, do you believe that low interest rates and quantitative easing are the two main reasons that housing prices have significantly increased since the global financial crisis of 2008-09? If not, what do you believe are the main reasons for the state of the Canadian housing market today?