Canada is going to be hit hard. If you go on the Canadian financial subreddits, you'll see plenty of "Can my bank increase my mortgage by $1,500 per month?".

The decades of continuing dropping interest rates mean a good chunk of the population don't even understand the mortgages they took on.

Now imagine buying a home for $1.5M in GTA, then having your mortgages payment increase by 50-75% and the value of your home drop by 30%+.

Winter is coming.