Thank you for that.
Last fall there was an article in The Economist, assessing housing risk. It ranked Canada as number one in terms of housing risk. The Netherlands was second. The United States was seventh, and Italy was seventeenth.
The article said that bringing this altogether, all the ingredients for a deep housing slump are in place. This time, though, it's likely to be led not by America but by Canada, the Netherlands, Australia and New Zealand. Economists at the Royal Bank expect the country's volume of sales to plummet by more than 40% in 2022-23, exceeding the 38% drop in 2008-09. That article was published in October last year.
Can you comment on whether or not you agree with that assessment, and whether six months later we're seeing that prediction in reality?
Any one of you can take it.