We did two studies on this. The first one was 31%; then we updated it to 36%. That's all taxes, fees and levies, including DCs. Depending on where you are, DCs have been set differently in different municipalities. In Ontario, at any rate, DCs are around 20%.
The other fact I would bring up is that the Tarion report, which is the new homeowner report on new housing produced, set first-time homebuyers—and this is why we think this is worth supporting—at 39% of buyers in 2024. That's for new housing.
What we're interested in, of course, is that we need net new supply—not resale.