You're worried about debt and its effect on monetary policy. If I am a financial institution and it doesn't really matter to me what the Bank of Canada says, and I decide to lend money anyway, is that a problem that you have in terms of your policy? Are the banks going to lend money regardless?
In Canada, they have insurance. They can always collect from CMHC. Do the banks really care that home prices are going to go up? Here's where I'm going with this. Is there a danger that we can copy what went on in the States with their crisis?