Yes, it is for sure. The boardrooms of our member companies are focused on the budget for a new project and what the risk factors are.
We've talked about the GST. That will apply to new homes. We've talked about development charges, which will apply to rental properties, and what they look like, as well as the interest rates. Will interest rates be going back up? What's my CMHC loan going to cost me a year or two from now?
What's the cost of equity? When I go out to find some investors, what's the return they want opposite alternatives in Canada and other asset classes? Retail is looking pretty good right now. Will they be taking their money to the U.S. or elsewhere in the world? The relative cost of equity is also a relevant issue. There's oil shock: What's that going to do to my supply chain?
There are a number of risk issues that they're taking into account.