I think rates going up has slowed the market a bit, but it's going to take more rate raises to start getting some sanity back in the market.
I couldn't imagine being someone who bought a ridiculously expensive house in Ontario or B.C and leaving myself absolutely 0 wiggle room should a major life event occur (marriage breakdown, serious illness, job loss etc) with 0 ability to save for retirement or anything else, essentially being house poor, and then somehow planning on interest rates never going up. Yikes.
Canadians will do whatever they can to try to hold on to their properties, but if interest rates climb quite a bit over the new year, it will definitely have an effect on borrowers.
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