There are three ways we try to measure sentiment. There's no such thing as a perfect measure. It's all about proxies, so to speak.
The variables you mentioned are some of those we look at, in terms of their evolution. For example, arrears have been increasing somewhat. This is very specific to some centres. Think about southwestern Ontario, Toronto and—somewhat—Vancouver. It's important to caveat this in terms of where they started. It was from a very low level. That's the type of current analysis we do. That's one way.
This also feeds—you're right—into the models, which we have a lot of. I won't get into geeky details, but that's another way.
I think the best way to get at market sentiment is through the network of analysts we have on the ground who speak to developers in every large city and ask them what their business is looking like, what they are doing right now and what they are forecasting for the future.