As soon as real estate prices started appreciating beyond the CPI goal of 2%, they should have tapped the brakes with an interest rate hike.  Instead they let real estate go insane, prices are up 67% YoY in Toronto.  Soft landing, what a joke, this is an engineered bubble designed to destroy the middle class.  They saw how destructive the housing bubble of 2008 was, and decided to intentionally repeat the same, in Canada.