I think it's rather simplistic to argue in favour of maintaining low interest rates solely to continue a useless fight that's lasted almost 10 years to boost inflation to some arbitrary number.  What's so bad about 1% or even 0% inflation that we need to target 2%?  What time and attention has the bank given to those people being hurt by this policy?  What about savers who can no longer retire on minimal returns?  What about people who would like to purchase a home but cannot due to the hugely inflated prices?

If the BoC cannot solve their problem after almost 10 years of trying then perhaps they need to re-think their strategy.  Where is the current neutral interest rate?  Does the bank really believe any interest rate rise (that keeps us below the neutral rate) will squash any hope of 2% inflation?