If there's a sudden sharp rise in interest rates, which I think is a genuine risk, whether you live in Kelowna or the greater Toronto or greater Vancouver region, the cost of your mortgage payment will go up because interest rate policies aren't regional. If you have entered that mortgage already stretched to make your payments and the interest rates go up, it will put an enormous amount of pressure on consumers, which in turn will put an enormous amount of pressure on banks and insurers, which in turn will put pressure on the economy. That tends to be the lens through which we look at it. I don't think that's regional. I don't know how you would fix that on a regional basis.
On January 30th, 2017. See this statement in context.