Dr. Mike Moffatt, who I know appeared before the committee previously, has done some great research and analysis showing different stages that development charges are measured at. I think, on the low-rise side, when you get to the foundation stage, the lag isn't as significant as when construction starts. The challenge is the way that we measure it around the foundation and when the building comes up to grade.
When you're building those much larger buildings, whether it's in downtown Vancouver, downtown Toronto to an extent, and downtown Hamilton, you break ground. It takes potentially a year to dig down four or five storeys to do the excavation for the underground parking and, in some cases, another year to come back up to grade.
As I previously mentioned, it's a lagging indicator as it relates to the investment decision around a sale, but it's even a lagging indicator in and of itself as to—