Yes, of course.
First, I would say that, in Canada, inflation is slightly below the average in other countries, but Canadians feel it is too high, and clearly, we need to control inflation.
As for housing prices, what we have seen is a significant year-over-year increase of about 25%.
That factors into the consumer price index, or CPI, but not on a one-for-one basis. With the CPI, the idea is to measure the cost of the service being received, in other words, the house or dwelling. However, the cost of the service, to replace or improve the home, is based on the measure used for new homes. It is part of the CPI but does not have a direct impact.
If we look at the cost of housing within the CPI, we see clearly that it is rising sharply, and that reflects pressures here, in Canada. They are domestic excess demand pressures, not international pressures.