That is a great question. Unfortunately, the answer is both. What we're seeing right now is the reaction to record-breaking immigration levels for a period of time, nearly shutting that off completely and then, as another speaker said, moving to potentially negative population growth. What we're seeing right now is that, in the short term, we have an oversupply of homes in certain areas, in certain urban regions, as a result of that massive immigration drive and then targeted programs to deliver rental housing.
Over the longer period of time, I'm quite concerned about an undersupply of homes when we see the condo market being down 90-plus per cent in new home sales and projecting British Columbia going from 44,000 housing starts to maybe 20,000 or 25,000 housing starts. We cannot catch up and redeliver that baseline level of housing in future years.