The point that you're referencing, sir, relates to negative equity, where there's a Canadian in their home and their mortgage exceeds the market value. Today I would say that there is very little negative equity, if any, in the Canadian marketplace, just by virtue of where prices have gone over the past two years.
If I could go back to your comment on investors, to perhaps take a more nuanced view, I don't think investors who are flipping houses within 12 months are necessarily positive for the Canadian mortgage and housing finance framework. We would take the view that if the investors were to be curtailed due to high interest rates or other mitigating factors, you'd see a much stronger inventory come on to the marketplace, and that would largely be in downtown urban cores. You'd probably see a more nuanced, segmented approach, where condos may suffer some price devaluation, depending on how many investors would exit. I would say that would hit that particular market segment much more than the single family, owner-occupied person who is in it for shelter.