When you think about the construction of housing, realize that about one-third of the cost is obviously in soft costs. I think that was mentioned earlier.
Take a look at all the hard costs going in. In the city of Ottawa, to build a one-bedroom apartment, justifying the rent based on existing costs means there's a rental floor of about $1,700 a month. That's a very important piece, because, if we're talking about affordability in there, it necessarily means we need to find ways to drive the cost of that construction down. I think that's what you're getting at.
Soft costs are an obvious place to take a look, including things like the HST and some of the development charges in there. The mortgage costs are obviously a significant piece in there. CMHC doing what they do is helpful in releasing capital to create new housing.
My only wish—if I had one wish, with respect to CMHC—would be this: If they were to underwrite a little less conservatively, it would actually enable more capital to be invested to create new housing.