Mr. Speaker, I can assure members that is not what the Governor of the Bank of Canada said last week. What the governor of the bank indicated is that he had some concern in some sectors of the economy, particularly in the Vancouver condo market, with respect to some evidence of excessive prices, and that is so.
However, if we look at the Canadian housing market across the board in Canada, there is comfort to be taken. We took another step this year to reduce amortization periods and to require higher down payments. It is working. We are seeing some moderation in the housing market in Canada. That is desirable, but homeowners should bear in mind that interest rates have nowhere to go but up and they should consider that as they plan for the future.