We calculate project delays in numbers of years. That's the case for thousands of residential units for our company alone.
I've been in the media in the Quebec City area for most of today. One of our projects, which was announced a few days ago, will be delayed another 12 months as a result of a regulatory framework, a municipal one in this case. Right now, we're working on an approximately $225‑million phase at Fleur de Lys that will comprise 480 units, 15% of them affordable units—I promise—and 48 units for people living with disabilities. As the insurance certificate was being issued, the Canada Mortgage and Housing Corporation decided to cut funding by $16 million. To this day, I still don't understand why. Fortunately, we had the $16 million and used it to complete the project, which wasn't delayed as a result. However, there are consequences to that: In three or four years, once we've reached phases 5, 6 and 7, that $16 million won't be available and we may have to delay those phases. I hope I can organize a second funding round with CMHC for that property, but the compliance grid doesn't allow for it. We aren't supposed to do that. I may be able to reopen the file, and, once again, I'll of course have to pay millions of dollars in fees for a new analysis of the same file. We spend our lives delaying projects and paying fees without understanding why.