We see a number of things. That's a great question.
I think that to answer you properly, I have to go back in time a bit. What we see is that the largest units, which we call the missing middle, meaning multiplexes with large units, townhouses or, obviously, single-family homes, made up the vast majority of housing starts in Canada up until 2012. Starting in 2012, multi-unit buildings became the focus of the majority of housing starts, and that has grown over time. Initially, until 2025, it was condos. Since 2025, rental units have accounted for the largest share of housing starts.
Now, when we look at the number of large unit starts, we see that, especially in the ownership market, those units generally take the longest to sell. Think, for example, of a tower in the centre of a city. The value of the land is a very large part of the value of the building. The larger the unit, obviously, the more land value it accounts for. As a result, these units are generally more expensive. Therefore, in urban centres, it's mathematically more difficult to offer this kind of unit at a relatively affordable price. However, outside urban centres, it becomes easier to do so for larger units with three rooms or more.