I'll give you a two-part answer.
First, on the infrastructure side, I think you have it exactly right. I'm looking at our grants and contributions flows by fund category. What you have is a positive trend. In 2022-23, we spent $4.3 billion. It went up to $4.9 billion. Then it went up to $5.3 billion. Then it went up to $6.2 billion. Now it's going up to $7.5 billion. As projects are moving forward, we have much more clarity on how much they're spending every year, and we are spending more.
Your second point around delays at the CMHC is a question probably best answered by them.
I would say that these are due diligence projects. They have underwriters that have to say the risk is warranted for the expenditure of public funds. They have program criteria they need to meet. There are reporting requirements. There's a lot that weighs on the CMHC as they're making decisions that can sometimes push them from one year to the next.
There are also things like interest rates. Often a proponent will wait for an interest rate change, or their cost of capital might have gone up. There are a lot of things that affect a specific transaction that I think often get pinned on the CMHC as delays on their part, and I'm sure there are some delays on their part.