Shall I respond to that, Mr. Chair?
The first-time home buyer incentive is not a subprime lending program. It is not a lending program, in fact. It does not bear interest on the part of the borrower, nor does it require repayment at the insistence of somebody else. Those are both the hallmarks of debt.
The risk inherent in the program could go up or down, depending on house prices. We will manage that risk, as we do other risks.
In response to your first question, in 2018 there were 13,000 homeowners insured in the city of Toronto. The estimated number of those who were first-time home buyers is 11,000. Of those, 2,300 would have qualified for the program. That's in the city of Toronto.