Thank you for the question.
I would say that we feel that things are moving in the right direction. In terms of the philosophy, the methods of operation and the current status of the implementation process, the new agency is already much more flexible than the CMHC. We must remember that the CMHC also has a macroprudential mandate for the general housing market.
I think that the CMHC has found it challenging to focus on its affordable housing mandate. It also has the mortgage loan insurance program, which makes it responsible for most of the housing starts, as Mr. Gascoyne reminded us.
However, remember—