Yes. Here in the Lower Mainland and in B.C. generally, there are a great many projects that have been paused. In other words, land has been assembled and developers were planning to proceed to build the tower or a townhouse complex. However, because of the higher cost of money, because of the high inflation and the tremendous escalation in building costs, and also increasing charges, levies and fees on new development and the affordability challenges that so many households are facing, it has lead to a significant pause in development activity. I think that will come back if interest rates keep falling, but it's not helping in the short run—that's for sure.
On June 13th, 2024. See this statement in context.