There's no question that the Canadian housing market is correcting. We're seeing on a nationwide basis more than double-digit declines from the peaks we had, but a couple of things are interesting.
Number one is that even though home sales are falling, suggesting that the demand for homes themselves has fallen in the wake of higher interest rates, the availability of homes is also falling commensurately. There's not a lot of forced selling out there. There are not a lot of people stretched beyond their means. I think, because of that, this isn't a 2008-09 situation. Canadian financial institutions are very prudent lenders. Canadian households tend to be very prudent borrowers, which was not the case in the United States, as you know, during the great recession and the global financial crisis that preceded it.
I think, yes, we're getting a correction. It's going to be a drag on economic activity. It will likely contribute to the risk of a downturn, but I think it is manageable and containable, so I'm not at all worried that this is going to spark an even larger problem in the economy.