In regard to permitting and everything, I believe the costs are substantial for developers.
When it comes to the actual interest rates we're dealing with as a society in Canada right now, obviously variable rates have gone up substantially over the last six or seven years. Most recently, overnight rates went from 0.25% to the current 5%, so that's an increase of 4.75%. When you're looking at what your rates are as a consumer and using a product that increases over time, as opposed to staying as a fixed payment.... These people have more than doubled their mortgage payments. It's substantially painful for the typical Canadian.
In terms of the history of best rates, we can look at the years 2021, 2022 and 2023. Those people are going to be up for renewal in the next three years. They started out with interest rates around the 2% mark. In 2021, it was, on average, 2.15%. When these people renew in the next three years, it is going to be a substantial burden for them to bear.
On top of that, obviously—
I'm sorry.