Thank you very much, Mr. Chair.
I want to assess the extent to which we're in a bit of a structural quandary, because we've heard the Governor of the Bank of Canada say that his intention is to raise interest rates in part, at least, to try to cool off the housing market. I'm glad to see Canadians who really are struggling with the cost of housing see some relief and see some financial institutions trying to provide relief.
I guess the structural traps seem to be that, as long as financial institutions are mitigating the impact on Canadians who would struggle to pay their mortgages, like effectively increasing their amortization through fixed-interest or fixed-payment mortgages, essentially just extending the amortization to make up for the fact that the payment no longer covers any of the principal or even all the interest, then the conclusion that the Bank of Canada draws is that they need to increase interest rates further, because they're not seeing the cooling effect that they had anticipated in the absence of those measures.
As policy-makers, how should we try to understand that structural problem, and what do you think are some solutions to try to get out of that trap and support Canadians in maintaining their homes?