Also true in the US, the term of art here is "refinancing". Just about every homeowner I knew during Covid refinanced and now has a rock-bottom interest rate on their mortgage.

The downside of doing that is you end up "locked in" to the property too. They now have a strong disincentive to sell, because they'll lose that sweet sweet interest rate and relatively low payment. I'm unsure what the broader effect is on the market.