Thank you.
In your remarks, you mentioned consumers who have to adjust—I guess that is the euphemism we might go to—to the higher interest rate environment with maturing mortgages. You said that consumers have responded to this without significant defaults because they are reducing spending on other things, refinancing their mortgages and exhausting their savings.
While it's important that people are able to pay their mortgages and we certainly need to see Canadians able to repay their debts, if Canadians are responding to a higher payment environment only by reducing spending, refinancing and exhausting their savings, they're not getting ahead. What does this say to the quality of life of Canadians, if those are the reasons we haven't seen massive defaults in the face of higher costs?