I can't comment specifically on the RioCan situation, but I can tell you that CMHC provides mortgage insurance for purpose-built rental developers, which include REITs, and we feel that it's important to do this because we have a deficit of purpose-built rentals in Canada, and the CMHC insurance that's provided provides a little bit of financial incentive for commercial developers to engage in this space.
It's much more lucrative for these developers to develop condos versus purpose-built rentals, and its for this reason that we provide mortgage insurance to make the financial equation work for those who are willing to provide purpose-built rentals. Its very clear that there has to be a level of profitability that is attractive for the sector for the large amount of capital that we need to grow it.
Having said all this, I am also very sympathetic to the need to have very strong protections so that tenants' rights are protected. This is usually provincial, territorial or municipal jurisdiction, but from the CMHC's perspective, our goal is to provide cheaper financing in order to provide growth in the sector. We're willing to provide premium discounts for affordability and other social targets, but we feel that the companies that we work with are responsible corporate actors and that they're contributing to the housing supply that our country desperately needs.