Mr. Chair, the recapitalization program I referred to earlier is very much about modernizing that portfolio. It is an observation we see. This is 1950s stock housing: postwar and very small. It's three bedrooms but still only roughly 1,000 square feet. We see “how do we fit our size-five foot into this size-two shoe?” observations. We take that away. We are now accommodating the larger footprints with new housing, but we still have requirements for a smaller number of bedrooms per unit, to accommodate smaller family sizes.
Basically, right-sizing the portfolio is a challenge for us, because that involves recapitalization or replacement construction where we know we have to grow. There is a balancing act we also have to try to figure out, in terms of where to have the right bedroom count and location based on the demography, knowing the demography may change in the next 10 or 15 years and that our housing solutions are always 20, 30 or 40—if you look at our current stock, it's 90—years old.
There is a balancing act we have to accommodate there.