I think whenever you see an elevated price appreciation like we've seen in the Canadian market, all our risk sensitivities are naturally increased.
I'd say two things about this. One, please keep in mind that to pass the stress test, a borrower today is essentially required to qualify at a rate very close to six per cent, which in itself contains some buffer, so I would take some degree of comfort from that.
In my experience, and in my assessment of Canada's lending institutions—the majority of whom are also OSFI-regulated, much like the three mortgage default insurers—they seldom would look at someone looking to flip. I think the primary motivation of banks, lending institutions and insurers is to look at the housing market as for shelter.
That's not always the case, but it's primarily for shelter, and I think they take a very responsible credit-adjudication process.