For private clients—not talking about general contractors, but obviously they're included as well—if their interest rate drops down by half a per cent or three-quarters of a per cent, whatever it might be, that is real money in the back pocket. That is money they can now invest in their home and the future, for themselves or their children.
For property developers, it's enormous. There are millions of dollars that a property developer has to put up front many years from completion before he gets that money back in home sales.
Bank of Canada interest rates are fundamental to what's happening in the building industry, in my humble opinion.