Thanks very much.
I wanted to come back to something that Mr. Poilievre was talking about. I think it's okay to have different points of view after we've interpreted the facts, but facts are facts. Mr. Poilievre was speaking about Singapore. I will read from Trading Economics here:
Singapore's annual inflation rate rose to 4.0% in December 2021 from 3.8% in November and above market consensus of 3.75%, pointing to the highest figure since February 2013. Main upward pressure largely came from cost of food...housing...accommodation...healthcare....
It goes on, so Mr. Poilievre's assertion that Singapore has somehow mastered and avoided inflationary pressures is obviously incorrect.
From BNN Bloomberg, about Switzerland, which Mr. Poilievre was also speaking about, there's the following:
Surging property prices mean Switzerland's residential property market is close to a bubble, according to a UBS Group AG gauge.
The UBS Swiss Real Estate Bubble Index rose to 1.90 points in the second quarter. The cost of residential housing shot up by the most in eight years during the period, the bank said. Mortgage growth also accelerated.
I just wanted to make sure that we're operating in fact here as we're making assertions about what's happening around the world and how it compares to what's happening here in Canada.
Mr. Moranis, I'd like to come back to you, if I could. I listened with interest to your opening statement. During that statement, you said that the primary cause of the increase in housing prices in Canada is the lack of supply. Did I understand that correctly?