First of all, I would say that without CMHC financing, it would be very difficult in this market to build anything. On three of our projects, we have just under $300 million of CMHC financing in place.
It is challenging, because of the time it takes. I feel that recently the time for getting approval has improved. I think the staffing issues that were maybe challenges have improved.
I would say to you that building purpose-built rental...and meeting the accessibility, affordability and environmental point scores, you need to have a partner that is agile, that can be quick. It's challenging.
Sometimes you're not sure what the assessment of the loan amount that you are seeking.... That uncertainty has problems in your development timelines and horizons.