Actually “THEY” likely will not raise them, or rather cannot raise them. They have incurred too much debt, every country around the world. Increasing the rates would make the debt payments unaffordable. Already there are pension payment problems worldwide, etc., etc.

Similar questions:

1. Have we ever had a runaway market like this? Yes, from 1979 to 2001 prices went from $78,000 to over $200,000.
2. How did ‘they’ stop such a runaway market? They raised rates to 16.5% for 5-year money and to 21% for short term money … and kept it over 12% for 3 years.
3. If not increase rates … what could governments do to slow the market now? Interest rates are not in the cards (likely not – but could be black swan). According to BOC:• Bank of Canada Governor Tiff Macklem so far has no plans to raise interest rates until the economy and following the slump cause employment are back on track.
   •  “In that low-for-long world, there are risks that housing could get carried away, so that is something we will be looking at very carefully”

Ok, no interest rate increases what else could they do? 

1. Increase the stress test to make it even more onerous.
2. Reduce the amortization period to 20 years or lower.

You better believe they are “looking at it very carefully”!