There are other factors boosting real estate prices -- more people desiring to live alone, ease of renting an unused property via Airbnb, people living longer, massive wealth generation via stock markets -- but a low-rate environment offers existing wealth much more leverage to grow.
As far as I'm aware, most places are 'non-recourse'. Some people might say "if you can carry on making the payments you'll be fine". This isn't true though. Not being able to move city for a job, being unable to upgrade to a larger place to start a family, or feeling financial pressure to stay in an unhealthy relationship are all very real potential problems.
What a surprise. The government got your taxes AND screwed you with inflation over time.
Then COVID happened and they had to print more, postponing and aggravating the crisis.
Now it's time to pay and nobody will take the blame.
When are people going to rebel?