Good article. One point of clarification on interest rates. The Bank of Canada can only control short term interest rates. Mortgages are based on the 5 year bond which is subject to supply and demand. If investors sell it, and if the B of C doesn't intervene in buying it, the yield will go up and mortgage rates along with it. The Canadian government needs money. If the 5 year is not competitive to foreign investors, the yield will have to go up. So not as much control as many people think. Hence the government tightening mortgage requirements to avoid an interest rate shock. Hoping it's not too late in Toronto....