Most resource based countries (Australia, New Zealand) did not follow the US and kept rates higher than Canada. Even Norway never followed either the US or EU below 1%.

Please review your statement. Australia household debt to GDP is higher than Canada's but Australia has had higher interest rates and government debt is small, so the shock will be different. The US household debt to GDP remains well below that of Canada, even today US lending rules are tighter than Canada.

Canada has a government backed mortgage system that permits more debt than financial institutions are willing to accept at today's rates. Few other countries have this system.

Canada has no one to blame but itself. Carney, before he left, stated household debt is a concern but not an immediate concern as he avoided raising rates while growth and inflation exceeded 3%. Poloz has ignored the same issue as he lowered rates despite the lack of reason to do this. Canada backed itself into a corner.