I would have to defer, personally, on the carbon tax. It's not my area of expertise.
What I will say is that the increased cost of construction is definitely having an impact. We at CMHC have reported ourselves and analyzed that we need to build about 3.5 million more homes over and above what we were planning to build between now and 2030. There is definitely a supply-driven affordability issue in the country.
This is not an issue that can be solved alone, either by CMHC or by the federal government. I'd say it's a bit of a team sport. We have our role to play. I think if the programs were not operating, things would likely be worse, but it takes partnering with municipalities, with provinces and with the private sector in order to really drive up the supply in this country.