To be clear - i am also saying rates won’t go to 20%.
But rates going up (we will disagree on how much BoC left for interpretation going forward - I think they are saying rates are going up but they can’t promise how fast) and that combined with new qualification rules means less demand.
And full disclosure - I am on a variable term but have a low LTV (approx 20%) so rate increases don’t hit my pocketbook too bad. Ie don’t live month to month.