That's correct, particularly for high-rise, purpose-built rental, because newcomers to Canada disproportionately end up in that kind of housing, so it's particularly sensitive to immigration rights. Because we don't have a line of sight to either permanent or non-permanent residents past 2027, builders and developers are basically, in making their investments, having to make a bet on the future of immigration policy.
That certainty is important, as well as certainty on other issues, like taxes, development charges and so on. The more uncertainty there is, the higher the returns have to be on building a new home, because the project is inherently riskier.