I have presented evidence today indicating that community banks are important to the mortgage market, that they are able to relieve some capacity constraints at the margin, that mortgage lending is important to their balance sheets and their profitability in the aggregate, and that they are a source of responsible lending.
In 2021, GDP is forecast to grow by around 6 per cent; the debt-to-GDP ratio is expected to start decreasing as early as this year, marking a significant improvement compared with the forecasts made even just a few months ago.