To answer your question, I could describe our reading of the current situation in the market.
We've seen some resilience in housing starts since the beginning of 2026. However, we are noticing a gradual slowdown. When we look at building permits, we see that housing starts are expected to continue easing off for the rest of 2026 and into 2027.
If we go even further up the continuum, we also note that, in the condo market, for example, pre-sales are at a historically low level. That tells us that housing starts should continue to slow down beyond 2027, at least for condos. We don't have equivalent data for single-family homes or other types of housing. We are working with the industry on a survey to get an even fuller picture of the market.