Thank you very much, Chair.
Thank you to all of our witnesses for sharing your thoughts on inflation in Canada.
My questions are going to be directed to Mr. Punwasi.
I was intrigued by your testimony.
I'm sure you know that the Governor of the Bank of Canada was here not long ago. I certainly tried to tease out of him an admission that his quantitative easing policy might have had an influence on the housing inflation we're seeing today. He did everything possible to resist making that admission. I think he said there was no direct correlation between the two. It sounded a little bit like a weasel word, but in the end, he did admit that there might be a relationship between QE and housing inflation.
It's your view, I think, that housing inflation is directly related to quantitative easing and the low interest rates we have right now. Is that correct?