The federal nature of this country does make housing complicated at times. There isn't always a really good synergy between the different levels of government. I work a lot with city governments in this country, and I hear a lot from them about the lack of synergy.
I would say that it is the federal government's role to show leadership. Even though they don't have constitutional jurisdiction over housing, they certainly have constitutional jurisdiction over the spending power. Even though those numbers you gave us were somewhat impressive compared to yesteryear's, I still don't find the quality of conversation and policy moves to be as ambitious as they need to be to solve this crisis, to be perfectly honest.
One thing that hasn't been discussed at all is the role of real estate investment trusts and how they are driving up the cost of housing and, in particular, of rental accommodation that is in fact somewhat affordable for people across the country. That's a direct result of preferential tax treatment. It's pretty much the only kind of trust in this country that doesn't actually have to pay income tax. That gives them a leg-up, coupled with all of the conversation we've already had about low interest rates and free and cheap money.
The combination of those, supported by the CMHC, which is giving mortgage insurance for these acquisitions by these investors, is creating incredible pressure on tenants. I do see the need for the CMHC to look at this when they're giving mortgage insurance and to attach some conditions to that mortgage insurance. Also, the federal government could change the tax regime around real estate investment trusts. Those would be two big moves that could really move the country forward.