Let's start with the development charge issue, which we've all brought up over the past several years.
It's heartening to see some efforts to reduce the development charges in Ontario. I think the builders in Ontario are waiting to see exactly what that will look like and how it's going to be implemented. In some ways, it may be freezing current development as people wait to see what the deal is. The City of Toronto and the 905 municipalities have the highest development charges in Canada. That would be one area.
Construction costs have definitely come down a little, according to some general contractors we've talked to and some of our members. Some of our members are going to proceed anyway, even though the returns are fairly skinny on certain projects.
Those would be two key areas to focus on.
There's also the risk piece. What's the risk that immigration stays low for a longer period of time and more people leave the country, such as temporary foreign workers and students? There's your demand. When do we get to an equilibrium on demand, in which you can count on people being interested in renting an apartment?