Ladies and gentlemen, welcome to Grant's interest rate observer of the air.

I am Jim Grant.

With me, as always, is Eric Whitehead.

To my left, Eric is the engineer.

That is to say, he's the guy with his hands on the keyboard and the dials.

Hey, Eric.

Yeah, heirs generally doesn't say much.

And Phil Grant sitting across from Eric, Phil runs our almost daily grants. And then there is the great Evan Lorenz, the deputy editor of grants,

directly across from me. That makes four of us, right? Right. But it's not just four of us today,

ladies and gentlemen. We have two authorities on the Canadian real estate market on this very

telephone. And I would like to introduce him to you. First, we have

Ben Rabidow, who was not only the proprietor of the research firm North Cove Advisors, but also

was featured in a grant story on the Canadian real estate market back in February. So Ben, welcome to you.

And Seth Daniels, who is the founding partner of JKD Capital, and he too is an authority on, I don't know, what's not going entirely according to plan in Canada.

So gentlemen, thank you for being here.

You know, before we sat down, Evan Lorenz handed me a piece of paper.

And this is a Bloomberg story.

And the headline says, quote, Canada's household

debt to income ratio falls, post, ratio posts record decline. So there was at least the

perturbation of a deleveraging underway in Canada. But before we get into that kind of arcana,

Ben, would you tell us in a few well-chosen words

why the Canadian housing situation ought to be of interest to everybody in North America

...