Thank you for your kind remarks and for your question.
My sincere answer is that we just don't know. Clearly, my predictions in the past have not proven to be true, so I need to be careful when I make forecasts.
Interest rates clearly are one factor. Indeed, the Bank of Canada's interest rates are interesting but not determinative, because most mortgages are five-year mortgages and those are funded actually in five-year terms by banks. While that's related to the bank's policies, it's not exclusively the result of the bank's policies. Of course, there are other factors: supply of housing, immigration or lack of immigration, behavioural changes in terms of what markets people want to buy and sell in, and then, frankly, psychology.
The thing I'm most worried about—and in this respect I echo Governor MacKlem's comment—is extrapolative expectations, which is people thinking this goes on forever. This is clearly not sustainable and is something we should be worried about.