I would echo Mr. Pomeroy's sentiment. It's actually unclear to us what that housing accelerator should be trying to accomplish. I think affordability should be part of that, but I also think we need to think through environmental outcomes. In Ontario, we are losing 175 acres of farmland every single day to development. Again, as I said in my comments, our current system is very good at building small high-rise apartment units and single detached homes in small towns, and nothing else in-between.
On the demand side, I think of these issues that we've had during the pandemic—low interest rates, high white-collar savings' rates and so on—as an accelerant or a fuel. Think of it like gasoline. If you pour gasoline on a pre-existing fire like we had in the housing market in southern Ontario, you get a big explosion. Where you don't have a fire—we've had very low interest rates in Saskatchewan, Edmonton and Newfoundland—we haven't seen housing prices go up all that much.
Does this money play a role? It absolutely does, but it accelerates the pre-existing trends. As interest rates go up, we are going to see a lot of that speculative fuel come out, but we still have these underlying housing shortages in parts of the country.