Finance committee  Steve, do you have the data here? We can respond later if we don't have it with us.

Finance committee  We can provide that to you.

Finance committee  Sorry, was there a question, sir?

Finance committee  Yes, I do.

Finance committee  I'm even more convinced now than when we advised the minister without seeing the impact and only predicting it.

Finance committee  Which new rules?

Finance committee  There are no rules that have been promulgated. One of the questions in the consultations is to understand the impact on rural Canadians so that the policy would account for that. So, no, I would not make that prediction.

Finance committee  Let me just take a step back and first of all refer to the affordability question. It is an important point that you make, namely that the more we support demand, the higher prices will be, all things being equal. If we make it easier for people to buy a home, that will increase

Finance committee  Yes, to quality and magnitude. With respect to foreign investment, in fact the data we have suggests that less than 5% of homes in Canada are owned by non-Canadians. I'm not concerned about the status of it now. It's a factor, not the factor. However, the outlook for increased

Finance committee  I don't want them to lose their homes, and I don't think—pardon?

Finance committee  I understand that, but if we were to support them infinitely, or even more, to buy a home, they could be in a position where they would lose their home through unemployment and too much indebtedness, so that was a concern. We're also supporting the rental market through a progra

Finance committee  No. I suggested it is a factor, not the factor. There is certainly foreign investment in all major international cities, in particular in Toronto and Vancouver in this country. I am more concerned about the future of it than the current state of it. It is certainly a factor, bu

Finance committee  First, this question of the balance between access and financial stability is a core concern of CMHC. It sits in our legislative mandate that we're to attend to both. We worry a fair bit about achieving that balance. Go ahead, Michel, if you have it there. Michel Laurence, w

Finance committee  Yes, we've thought about loan-to-income. Before I get too far down this path, it's certainly our view that we need to digest the changes that were announced in October, and not to think about the next series of changes. But were the government to ask us about other policies, one

Finance committee  We have one of the most admired housing systems in the world—deservedly so—and we've had it for a while. It's our job to make sure we continue that strength. I would say that, in general, we have a healthy market. We just don't want it to be overly healthy. Does that make sense?