The combination of high nominal prices and nornal-ish rates is what results in a high monthly outlay, that's what everyone is talking about. Affordability, not rates. At present prices, not 1990 prices.
If that means "destroying" the perceived wealth of homeowners like myself, so be it.
Look at a graph of BoC rates for the last 40 years and then see what an anomaly the period after 2008 is. Nobody should be expecting/demanding a return to that.