Thank you, Ms. Zarrillo.
Did we foresee this coming? No. I don't represent the condo builders. That's a separate group and market from our members. We represent people who build long-term income-producing property. We respond to market demand, where permitted to do so, across the country.
Did we expect immigration to go to a million people? No. It spiked. Did we expect 800,000 students to come into Canada? No. My colleague, Mr. Moffatt, will talk about the lack of student residences across this country as being part of the issue.
The job of the market is to respond to demand. We're trying to catch up with that demand as quickly as we can, but it's a slow process and right now it's difficult.