To be fair to the Canadians the rate of mortgage  should never be more then 1.5% above inflation or call it the real interest rate for good credit customers and no more then 3% above inflation for non good credit customers. If the customers has bad credit they should not be given the loan untill they have four years of good credit.
Lower interest does not inflate house prices, it is the supply of lots and zoning and municipal red tape that causes land prices to go up.
We need a good supply of labour so trades are paid a decent wage but companies still need to compete for work without the shortage of labour. So that cost of construction stay within inflation guidelines.
We had low interest rate in Canada since 2008 but prices of houses in Victoria BC did not go up till 2014 when the supply of land to build decreases. This is solid proof that low interest rates do not increase house prices.
Every Canadian should be able to buy a house at reasonable price  at 25 -30 & payoff by age 55.
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