Finance committee  I'll just follow up on your question. I was on a call with our colleagues from other central banks on Monday of this week, and I was actually at the Fed on Tuesday. What is happening in Canada is happening in other central banks. They're also using their equivalent of the tool

Finance committee  That's in total.

Finance committee  Yes, there is, on a temporary basis. Prior to the quantitative easing, we would turn about $2-billion surplus over to the government per year, and we will get back there eventually, but there is a temporary period of time in which we have losses that will roll up. We expect to be

Finance committee  That is a total, but sure, yes.

Finance committee  As I said, the loss is always an estimate because it's based on the yield on our bond portfolios, so it's sensitive to interest rates.

Finance committee  Yes.

Finance committee  It's one issuer, yes.

Finance committee  We run a sensitivity analysis regularly. Our finance team is quite separate from our policy-setting team. Like any other organization, we'll run a sensitivity analysis on our portfolio.

Finance committee  Are you looking for bottom-line losses? Is that what you're asking?

Finance committee  Our losses or profits always roll up into the government's overall financial situation. Our losses are very much contingent on the path for interest rates, as you know. We are estimating probably somewhere in the range of ultimately $6 billion at the end. As I said, it's very m

Finance committee  That's exactly the point the governor made a few minutes ago. The one thing about housing is that the type of increase in supply that we need is going to require co-operation across all levels of government, because the levers exist at different levels of government. These are no

Finance committee  Thanks for that question. The reason we closely watch the relationship between wages and productivity is that, if wages continue above productivity for a while, what eventually happens is that companies feel the pressure to build those higher wages into their prices, so you can

Finance committee  Sure. There are a number of things inside of shelter inflation. Obviously, mortgage insurance cost is part of what's keeping overall shelter inflation up. Normally, as you would have seen in past tightening cycles, as interest rates go up, there is a decline in house prices. How

Finance committee  Sure. Prices go up when there's more demand than supply, and right now there is more demand than supply for rental housing in Canada—

Finance committee  That was in the second quarter. Yes.