2 rate cuts coming, page-173

I think you are making great leaps in your conclusions here. It's not the US.
The hurdle simply got a little lower in ability to pay for some so now qualify for loan.

It's not that easy to get a mortgage, criteria is harder, defaults remained low even when interest rates were high and zero equity and greater numbers of lo doc loans were around leading up to GFC.

and who cares if some investors burn, that's the risk of over leverage.