Simon Belanger

Yeah.

So I would say that you are correct.

Like it would be reasonable to assume that you would continue to see downward pressure on, on rents, or at least like they will, like eventually they'll get to a point where a new household formation becomes popular or possible.

People feel compelled to maybe like, you know, people who are staying in their parents' basement or, you know, whatever, like decided not to go rent a place, maybe roommates, roommates was for a period of time, the fastest growing household type in Canada.

Yeah.

you know, those, when does it become economical for those households to actually go and do new household formation?

And that's when you start like maybe seeing rents floor a little bit.

We, I don't think we've seen it yet.

Right.

And like, you can see, I have this chart up here that shows condo starts versus rental housing starts in Canada.

And like the, and this is indexed to 2005, but like, even if I go do that, just like dual access, you can see basically like your condo starts have dropped substantially and your rental starts are hitting all time highs.

So,

You know, programs, and this is more of that fiscal side that I mentioned, like programs like CMHC, MLI Select, which gives large landlords the ability to take on 50-year mortgages and buy down their monthly debt service, which increases their net yield, right?

Or their net, yeah, like I guess the ability...

Reduces their burden on their debt service coverage ratio.

So it allows them to make worse deals, cashflow, basically.

It's gotten a lot of, as a result of the taxpayer insuring these loans, it's gotten a lot of supply created and that's going to drive rents and prices down.

Yeah, I did.

That was a curve ball.

I didn't even know that one.