The deputy chief economist at one of Canada’s largest banks is calling for the taxation of foreign real estate speculators, saying it’s the best way to cool down Vancouver’s red-hot market without causing a collapse. CIBC’s Benjamin Tal cautioned against stopping foreign investment entirely, saying it’s only one of the drivers of high prices. Click

Mayor Gregor Robertson has announced Vancouver will move forward on taxing empty homes as the affordability crisis grows larger and rental vacancy rates shrink to unprecedented lows. “Vancouver housing is first and foremost for homes, not a commodity to make money with,” he said. “We need a tax on empty homes to encourage the best use

The average price of a Canadian home sold in May was $509,460, a 13 per cent increase in the past year and the highest figure on record. The strong gains are largely tied to hot markets in Ontario and British Columbia, according to the numbers released Wednesday by the Canadian Real Estate Association. Stripping those two markets out of the calculations,