An "aggressive" US Interest Rate policy compared to Canada will create much greater hardship unfortunately than just an increased fixed mortgage rate.  Rising US rates against Canada's stagnant economy will be exacerbated by a higher $USD / lower $CDN, higher imported goods & food costs, fixed investment moneyflow moving into US bonds away from CDN bond / Corporate investments, etc.

This doesn't even factor in the tsunami effect still to be absorbed by higher CDN (carbon, utility increases) in 2017 along with forecasted higher unemployment and inflation as a result of ill-timed political & ideological policy from Canada's political leadership.

The BoC 2017 forecast of 2% GDP from current expected 2016 result of 0.9% will take an inordinate amount of pixie dust.