I'm very interested in the answer to the second question. If we—that's “we” as in the government, the country, a society—are allowing investors to stretch out amortization periods because they cannot meet the obligations under financial hardship, I'm not really sure that's a public policy decision that everyone would agree with.
If you do have some information on that, I would certainly appreciate it. I think some of my other colleagues at this table as well would appreciate having information about the level of investment activity in the residential real estate market, which, from my understanding, is quite high historically. That's a big data point that would be very helpful for us as we think about recommendations to the government on policies about who we might help, who we might not help, who deserves help and who doesn't deserve help. These are going to be tricky conversations, so the data we get from some of that will be very helpful.
Why don't we have a 10-year mortgage product in Canada? Why is there not a functioning 10-year market? If everybody believes the government's line and the Bank of Canada's line that interest rates are going to come down and inflation's going to come down.... The most popular product in the U.S. is a 30-year, fixed rate, fixed-payment term mortgage. There's no renegotiation.
I'm having a really hard time understanding this. Has the department looked at why we don't have a 10-year product? You could “blend and extend” some of these folks. That's how you could get over a little bit of a hump. Technically, the 10-year rate should be below what the five-year rate is right now. The yield curve's inverted.
Is there a reason that Canada doesn't have a well-functioning longer-term product?