That's a great question. It's been a very challenging environment for developers, certainly for the construction industry, in the last few years. We had the legacy effects of the pandemic, which obviously created a lot of hiccups in supply chains and accessing materials. We then had a tremendous and unexpected surge in inflation that really affected building costs in a significant way. We then went through a period of labour shortages. Those have eased, to some extent, as the economy has cooled off, but we do remain constrained on the supply of skilled labour. Then interest rates went up so that the cost of money for all businesses, whether they are construction companies or home builders and developers, has gone up.
It's been a very challenging macroenvironment. At a time when policy-makers want to see housing starts accelerate, instead they've actually been decelerating over the past couple of years because of that macroenvironment.