Finance committee  The one thing we've.... I speak to brokers like Mr. Butler every day—they are our members—and Canadians have shown a tremendous amount of resilience in the face of higher interest rates. Now, will that resilience continue? We see precursors to higher default rates, which are the defaults we've seen in auto and credit card debt.

Finance committee  I'd have to apologize. As a representative of a mortgage industry association, I don't think I'd be the best person to speak to non-market housing. Perhaps you may want to direct that question to one of the other witnesses.

Finance committee  I would say that, at least at the federal level, the regulators speak to one another on a regular basis. Currently we are aware that the Competition Bureau is doing a study on the stress test and the impact on transfers, switches and renewals. We have also been in touch with the Competition Bureau and OSFI on this matter.

Finance committee  Certainly, it would be. That is actually one of the requests that we submitted in our pre-budget submission to this committee. We are in discussions with the Canada Revenue Agency. To my understanding, the department is already working on a solution that we would support across the industry.

Finance committee  Thank you, Mr. Chair and members of the finance committee, for having me here today. There is a growing consensus that a lack of supply, taxes across all levels of government, red tape, Nimbyism and a lack of labour have increased the cost of buying or renting a home in Canada.