Yes, high interest rates have contributed to the current crisis. This is the most recent phase of skyrocketing housing costs, particularly for home ownership. Earlier in the pandemic, property prices increased dramatically. Since the Bank of Canada raised interest rates, also dramatically, ownership costs have increased exponentially.
We believe that, once the Bank of Canada starts lowering interest rates—which we think will happen soon—property costs should come down a bit. However, our expectations shouldn't be too high in this area. The pressures will remain for a long time.