Thanks, Chair, and thanks to all of the witnesses for being here.
Mr. Moffatt, I will probably direct most of my questions towards you. I have often admired your work, and you've given lots of great advice on how we can solve the affordable housing crisis in this country. I appreciate your being here. I appreciate your expertise and perspective. I would say I'm inclined to agree with you in many cases. In this case, I'm not sure I agree with some of your opening remarks.
You said housing starts are projected to fall with the CMHC projections. I wanted to ask you whether those projections would take into account all of the things that the federal government is proposing to do within the Build Canada Homes initiative, some of which hasn't rolled out yet. I assume the answer is no, but could you confirm that for me?