It's a good question.
I think that so long as interest rates are where they're at and mortgage rates are where they're at, you're going to continue to have a larger and larger inflow of capital into that housing market. It's just what it is. I'm in Vancouver. There's an empty homes tax. We've tried a speculation tax. We've tried an Airbnb ban. We've tried everything.
If you're not going to raise interest rates, then I would say the biggest thing we can try to tackle is ultimately getting more housing supply. The big challenge really is at the municipal level with the amount of red tape. The length of time it takes to get a project approved and to get homes built is simply way too long.