Finance committee  I was asking about renewals, not new ones.

Finance committee  Bankers aren't stupid on that one. If they're seeing that being applied in other places, they're going to apply it there as well.

Finance committee  I asked about people currently carrying mortgages, not new ones.

Finance committee  I don't think that's enough to get them to change their ways. I want to ask you one other question. It's about the challenges over NAFTA. Some of the initial rhetoric was around cheap steel coming through Canada. That was one of the reasons that were given for the imposition of the tariffs.

Finance committee  Okay. So if one out of five prospective buyers who currently can afford their preferred purchase failed the stress test, what's the consequence for them? I heard a little earlier that they have one lender to deal with. They can't make their payments and they failed the stress test.

Finance committee  Thank you, Mr. Chair. Thank you for being here today. I come from a ways away from here. I was reminded of that on the weekend when I was at a community supper and a gentleman came up to me and asked if I could ask somebody about the mortgage stress test. He's a realtor, and from his perspective the mortgage stress test was applied as a cudgel to the Vancouver and Toronto markets.

Finance committee  It was, yes.

Finance committee  In some of those other markets, increasing supply would have been as effective as hitting the demand side of it, I think. I don't have much time here, so I want to ask you a second question—