Here is the latest article from the Financial Post on impending interest rate increases http://business.financialpost.com/news/fp-street/royal-bank-raises-posted-fixed-five-year-mortgage-rate-to-5-14-per-cent. None of this is bullish for real estate prices, and that is how most rational people view the impact.
On the other side of the world in Beijing, where I arrived last week, many small merchants in the traditional Hutong Districts, have been given 1 day notices that their business facades will be "bricked" up as the government wants to remove those type of establishments from the historical area.... notwithstanding that these places have been there, perhaps for generations. There are literally no property rights against policy changes. Faced with that world, what are a couple of percentage points on a Canadian mortgage for the right to own something of your own? Would that slow you down as a foreigner seeking haven from uncertainty?