I will just add something quickly and then cede the rest of the time to Jack.
I don't think we even have to wait for interest rates for this to be a problem. I am quite concerned about what will happen six months from now. For the moment a lot of household mortgages have been deferred. The CMHC has been saying that by next year we could be looking at 20% of households foreclosing on their mortgages.
It's not just interest rates. We could just stand still exactly where we are and have an interesting debt problem in several months.