There are a number of factors.
One is that household finances overall are fairly healthy. They benefited from strong income and strong labour markets over the past few years, a build up of savings and strong asset price growth. By a lot of metrics, household balance sheets are in better shape than they were prepandemic, so that's helping households handle the impact of elevated inflation and elevated interest rates.
The other thing I'd say though is that there is evidence that arrears rates have been rising in other credit products. Credit cards, auto loans and installment loans have all been creeping up lately. They're still at relatively low levels—kind of at 2019 levels. This is what we typically see.
When households are under financial pressure, they prioritize their mortgage payment above all else. The last thing you'll see an increase in is mortgage arrears. Everything else happens first. They increase credit card borrowing. They may go delinquent on a credit card. It's not surprising to us that we've seen no action at all in mortgage arrears so far.