Thank you for that.
Let's go a bit deeper. Permits are only part of the picture as well. It's entirely possible for a municipality—I know this, I was a mayor—to issue a permit, but then circumstances change, the permit is never executed and the building is never built.
It's also completely conceivable.... There are jurisdictions, like the City of Toronto, for example, that have thousands of units that are approved on the books, ready to go, but they aren't being built.
Help me and the committee understand a little more about the confidence required in the market, how changes in financing and changes in what's going on with lending rates and stuff can affect that dramatically as well.