We are seeing average rents declining across the country, which comes as a big relief after many years of rents escalating—decades, in fact. In the last two years, we've seen average rents decline across Canada. They are still too high, so building that affordable rental supply is critical right now.
I didn't mention in my last response that the CMHC is also funding an apartment construction loan program for rental housing. I anticipate with Quebec that there will be thousands of rental homes financed through the CMHC in the period ahead.
The combination of non-market, deeply affordable housing from Build Canada Homes—that's all rental housing—and the rental housing through the CMHC is a big boost in new supply to help keep driving those rents down. We have to continue increasing the supply to make sure that the rents continue to go down.