If you think all of that (housing market getting hit, hundreds of thousands of jobs being lost, exports declining, etc.) will happen from a 25 bps increase, then that just shows how weak our economy is, and how we have assumed WAY too much leverage.

On the flip side, if rates remain where they are, the CAD will crater, inflation will be out of control, prices of everything imported will skyrocket and Canadians will be miserable.  Do you prefer that outcome?