The price of housing is determined by the monthly payment that can be carried - after down payment helped by the bank of mom and dad. In a depressed interest r

The price of housing is determined by the monthly payment that can be carried - after down payment helped by the bank of mom and dad. In a depressed interest rate environment, a larger mortgage can be carried. As rates go up, the mortgage you can qualify for goes down and people on variable rates or short terms (common in Canada where mortgages must be periodically renewed) can get in serious trouble.