It is not yet clear whether the guidelines are driving a significant amount of activity away from federally regulated institutions and toward private lenders and credit unions, who may not follow the federal guidelines. This is an issue that we will monitor.
We are looking forward to lending data from the second quarter, as well as the latest information from the Canada Mortgage and Housing Corporation about mortgage underwriting practices, which we will receive later this year. In terms of housing market imbalances, we have also seen some lessening in this vulnerability, though it remains elevated.