That's an incredible question. It's very important.
I can tell you that we had a building that we were seeking funding for from the City of Toronto, and we had a business plan to acquire that building. About six weeks ago, we required $4 million in capital funding to make that project work—it was a 36-unit building—and we could finance the rest.
Just in the last six weeks, rates have increased so significantly, and the 10-year terms offered by banks have escalated by about 2 percentage points by now. While the government's rates have increased only a little bit, the 10-year terms that banks are offering have escalated by about 2 percentage points. That meant that our capital requirement for investment, grant funding, increased by over $1.4 million to $5.4 million. The interest rate escalation is significantly impairing our ability to finance these projects, and it translates to a higher need for capital funding.
On the one side, while interest rates are higher, we're going to need more capital grant funding. In addition, non profits continue to need access to low-interest financing through CMHC. That is going to continue to be extremely important to assist with our work.