Thank you, Mr. MacBeth. It's a pleasure to have your insight into this matter.
I have seen it in my constituency, and we have all heard the horror stories of the 30-year-old Canadians living in their parents' basements, who can't afford a home, because the typical home cost is now up to $868,000, just as an example.
Going back to this market itself, can you tell the committee what stage of Hyman Minsky's five stages of the bubble we are in now in Canada?