Absolutely. As rates go up, there will be pressure on Canadian households. There will also be pressure on governments at all levels that have elevated levels of debt. I noted that the growth of direct spending on interest at the federal level is to increase by 36% over the budget horizon. That's using a relatively modest forecast for interest rates.
If interest rates go up at a higher rate than anticipated, which is possible, you could see that growing far faster, which would put the federal government in a very difficult position.