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I wouldn't worry too much about the amortization period being stretched out if you still have a long way to go (+20 years). Most likely, you will experience multiple economic cycles during that period and the amortization period will come down again when central banks are forced cut rates again during another economic downturn.
Personally, I wouldn't be looking to upgrade or buy a second/third property until there is substantial evidence that the economy has bottomed out. Most likely, the world economy is grinding down to a stagflationary type environment in the next two years and it is going to be tough to see real rates of return in any asset class, let alone real estate. Volatility swings both ways; if its possible for real estate here to shoot up 100%, its also possible for the valuation to drop substantially in the face of global macro headwinds.
As for near-term interest rates, markets are pricing in 1.5~2% increase by year-end. This isn't a guess based on gut feel, its what the markets are collectively pricing based on the billions of dollars being lent between financial institutions everyday. Don't be naive to think that central banks care about some homeowners hitting their trigger rate. I can guarantee you that isn't even an indicator in the hundreds of metrics that they monitor. Their job is to prevent the overall economy from going into an inflationary spiral. Detached homeowners in Vancouver and Toronto have the most to lose, but they have also gained the most in the last decade and are the wealthiest demographics so there is a lot of buffer.
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