Thank you for the question.
Yes, prudent underwriting standards mean that borrowers who become homeowners can withstand shocks—income shocks, interest rate shocks and personal issues that might arise in their family circumstances. The minimum qualifying rate, or the “stress test”, as you referred to it, is one measure that was put in place with a floor of 5.25% at the time, and a 2% buffer above the contract rate. That has been helpful in mitigating issues, but it doesn't work alone.
There are other standards in place that also help the financial system's ability and borrowers' stability, such as minimum down payment requirements, maximum amortization limits—I'm speaking about the insured mortgage rules at this point—debt service ratio limits and minimum credit score requirements. There are a number of rules in place for insured mortgages that are helping.
Similarly, with uninsured mortgages, the focus of the superintendent of financial institutions and his office on this matter over the last number of years certainly will be helping and has helped mitigate potential issues in this area. I can't quantify that.