"Our concern is that the majority of new buyers are going with floating rates and setting themselves up for gradual and material rate resets over the next two years," Scotia Capital economist Derek Holt told the Globe and Mail.

"Buyers need to think about where their rates could end up and whether they would be able to make those payments down the road."

Aside from the inevitability of rising mortgage rates, experts are also concerned about the dramatic climb in house prices this year, particularly in cities. If homeowners are forced to sell down the road due to rising mortgage payments, the Globe points to fears of prices being dragged down, echoing what happened last year. Despite the concerns - which were also echoed by ING's Peter Aceto two weeks ago - CAAMP CEO Jim Murphy told the Globe Canada is far from a U.S.-style housing crisis.