Yes it will have a massive cooling effect on the economy because for every fraction the rate goes up, the family out there with a mortgage will $200 more a month for it, which means $200 less money going into their buying of goods and services that give job to their neighbours.

Plus more jobs lost due to the high dollar (tourism, film making, exporting south).

The winners will be people whose hobby is to have millions of dollars of money flow from an overseas source, who will continue to buy up houses in prime cities here, with better selection for themselves as local workers go belly up.

This is not a good one for Canada, this half decade coming up...