Canada

If I recall correctly, BoC doesn't really have any other tool in their portfolio to do anything else. We need smarter politicians.

It's a shitty situation all around. If BoC doesn't do this, inflation runs high and that will ruin affordability even more. If they continue increasing, that again ruins affordability by increasing mortgage costs, which is the biggest expense for majority of people.

In my naïve opinion, we probably need to slow down immigration, which will cool down housing and probably better long term. But then again, that will cause shortage of labor and output. That in turn is probably going to lead to higher prices again (I could be wayyyy wrong though)

I'm no expert, but this is my view on the whole situation. Would like someone with more knowledge to provide their insight.