That's a good question. First off, part of it is certainly psychological and the fact that with people working from home, there's obviously a greater demand to increase their living space. But I think the other thing we have to look at is that ultimately, in order to make that purchase, you need money and you need access to credit. I think what happened was that as much as government was trying to help, there's an argument to be made that we perhaps overstimulated and that the overstimulation is showing up in house prices.
As I said, if you look at money supply growth, it's up 20%. If you look at residential mortgage credit growth, that's where the banks have been lending their money. Today you can still pick up a variable rate mortgage at 1.3% with inflation now running basically at 5%, so you're looking at a real mortgage rate of negative 3%. That's very compelling to purchase hard assets such as real estate. We're seeing obviously a growing investor base, which the Bank of Canada has flagged more recently as well.