Finance committee  The short answer to your question is that, yes, I agree: It's mostly within the provinces and the municipalities. They set the rules and the regulations that roughly determine how many housing units get built. Obviously the private sector puts a lot of capital up and it wants to build a lot of housing.

Finance committee  I think the one encouraging sign is that now, after these recent reports, everybody is starting to talk about supply. Supply is getting the focus and the attention, and we think this is where the solution lies.

Finance committee  Yes, Bob is right. The report was published in early 2018. To summarize briefly, it said that the demand for housing is going up because of rising income, rising population growth and, at the time, lower interest rates. There were significant supply responsiveness challenges, particularly in the Vancouver and Toronto areas.

Finance committee  I don't think there's much to add. The baseline scenario was basically current government policy on immigration until 2025. Then, as Bob said, there was the reversion to prior growth rates. That's why we did an additional scenario with higher growth in population until 2030.

Finance committee  It's possible, yes. We've had the opportunity to examine the issue and, in principle, the gap between supply and demand could be even wider.

Finance committee  We could do that, but it would take a few weeks. We would also have to take into account the direction of the economy and general economic situation. The advantage of the model is that we could take into account the economics and demographics. In principle, we could do that.

Finance committee  That is our challenge, yes.