In Canada I suspect we will continue to see "near zero" GoC rates  for some time to come.
Blend that in with a possible 70 cent Loonie...(as US rates rise)
So housing will be OK...for now,but the TSX might take a (US rate driven) thumping.
Ultimately I agree....housing (like the bond market) is due for a correction of some sort when mortgage rates rise.
Maybe not so much in the "hot spots"