I don't think we should consider that we are in a crisis or a recession.
Remember, we've had extreme fluctuations in the last few years: COVID-19, the highest inflation rate in 40 years and the fastest increase in Bank of Canada key interest rates in history.
When you normalize interest rates, you have to follow steps that are a little longer than usual. That reflects the fact that there have been major changes. We even saw an increase of 100 basis points in one go. Since some steps are longer than usual, this means that the repercussions are much greater than usual.