Increasing interest rates wont dramatically solve this problem. Majority of Canadians take out mortgages to afford houses they can live in. If you can qualify for mortgage then why pay rent? and build up some equity in real state for rainy days. The real problem is foreigners bringing in hard cash to purchase real estate as they see our market as a perfect investment with sky rocketing ROI. Investing $1.5 million in stock market wont yield gains as high as real state is in GTA right now. We need a system in which we can identify foreigners buying property in Canada for investment, then selling for profits. Empty investment property should be taxed, foreign money should be taxed, and those who own multiple properties across GTA should be taxed even more. An average Canadian can typically only afford one mortgage and one property. This hyper inflation is going to isolate Canadians while favoring rich foreigners. And one day these foreigners will withdraw their investment and... boom.