Okay. Let me explain it a little more clearly.
No matter how much the Bank of Canada lowers the interest rate, the five-year rate doesn't seem to respond, so the mortgage rate is still elevated compared to the bank rate. That indicates there's a crowding out in debt markets. The big actor in debt markets continues to be the government.
Can you see that maybe, if the government weren't taking as much debt space, there would be lower rates available to Canadians?