Finance committee  Thank you for the question. I agree that when you look at the Quebec numbers or the Canadian numbers broadly, we have seen, counterintuitively, new construction activity actually fall over the last two years, despite our push to continually build more. Part of that is the reality that we just have broad macroeconomic conditions that ultimately dictate what the market does.

Finance committee  Thank you for the question. In the context of the overall investment activity within real estate, there is potentially an impact, either when sellers look to list properties in advance of a tax change or if the long-term economics of a tax increase alter the expectations of return going forward.

Finance committee  With all honesty, I don't want to project the impact of a specific tax measure I haven't fully studied in this context.

Finance committee  Thank you, Mr. Chair. Honourable member, thank you for the invitation to appear at the House of Commons finance committee. My name is Robert Kavcic, senior economist, BMO, covering analysis of housing market issues in Canada. My remarks and commentary today come from that perspective, as a macroeconomist on the housing market.