Mr. Chair, the housing market overall remains balanced. There are some differences across regional markets, as we know. Housing prices and activity in Toronto and Vancouver remain strong, supported by population growth and land scarcity. Lower oil prices has led to a slowing of housing market activity and lower prices throughout Alberta and Saskatchewan. Conditions in the rest of Canada generally remain moderate.
Looking at the total market picture, which we are monitoring very carefully, we do not believe that major initiatives are required at this time. We are mindful of the fact that affordability has actually increased over the last five to ten years.