Mr. Chair, the housing market, like a whole range of asset markets in Canada and around the world, has been distorted really beyond recognition by unconventional policy, by quantitative easing and by the zero-interest rate policy, so I would say no. Growth rates of property prices that are that high are pricing out middle-class people who, as someone said just now, earn an income, have gone to university and have graduate degrees.
Where I live now in downtown Ottawa, I bought in the fall of 2019 shortly before the pandemic. If I had to buy today, I couldn't afford to buy where I'm living right now, so something is wrong with the housing market.
I would again trace it to a generalized distortion in our financial system thanks to loose monetary policy, Mr. Chair.