I agree with the comments Mike has made.
Essentially, the challenge that I believe we have right now is that we don't have a good way of understanding what's happening in the housing market and the role that federal programs are actually playing in delivering housing. We don't track this very well.
I will give you an example. In the city of Toronto, we had a groundbreaking ceremony about 12 months ago, and the city council showed up to celebrate this groundbreaking. The mayor talked about the money that the City of Toronto was putting into the project through DC forgiveness, but in fact, that DC forgiveness money was coming from the housing accelerator fund program.
The DCs were the tipping point between the viability of the project and the project not being viable. The link between the housing start and the role the federal program played was not made on the ground, and I don't think it was picked up in any way. Also, I don't think it has been tracked in any way, the relationship between that funding and that program.
Of course, now we are in a different landscape around DCs in Ontario, but that link wasn't made. If we don't understand what's happening on the ground and where housing starts are being driven, there's a risk that we won't have the kinds of programs in place that are actually driving housing outcomes, or that we'll get rid of the programs.
The second key point is that the investment decisions are not made at the moment when we count the housing starts. To the point Mike made on the example that I gave, the investment decision was made five years earlier. Given that we've gone through an incredible period of uncertainty over the course of the past five years—a series of outcomes that some anticipated but others didn't—there is a reluctance to make any kinds of investments.
What is the policy context going to look like five years from now? What is the policy framework going to look like once a developer goes to apply for MLI Select or ACLP? We don't know that, so how can an investment decision be made? Right now, the industry very much has its pens down: There's too much uncertainty and too much risk.