The rising cost of building is certainly one of the factors. That's why I led, in my presentation today, with the need to make the math work for builders. Materials and supplies have increased, land has increased and interest has impacted the financial equation.
That's why we're addressing those issues, but not through the housing accelerator fund, which is meant to address a separate problem. That's why we decided to remove the GST on new apartment construction. That's why we have low-cost financing opportunities that pass on the low borrowing cost, in exchange for commitments from builders to offer homes at reasonable prices. That's why we re-securitized the Canada mortgage bond program to reduce risk, which will have the flow-through impact of providing lower rates of borrowing to builders.
Certainly, the cost of building is one piece of the pie. It's an important piece, and we need to advance measures that address this problem, as we are advancing measures that address the separate problem of red tape at a municipal level.