CIBC: It’s time for a ‘flipping tax’ on foreign investors + MORE May 14th

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The union representing more than 4,500 government financial officers has lodged two formal complaints of professional misconduct against accounting firm KPMG

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CIBC: It’s time for a ‘flipping tax’ on foreign investorsA sold home is pictured in Vancouver, B.C., Thursday, Feb. 11, 2016. Canada Mortgage and Housing Corporation says there is mounting evidence that house prices in a number of Canadian cities are out of whack with incomes and other economic fundamentals.The latest report from CMHC says there is evidence of overvaluation in nine of the 15 real estate markets included in the research. THE CANADIAN PRESS/Jonathan Hayward
In the bubbly world of Canadian real-estate, the house “flip” has gone from revered to feared—depending largely, it seems, on who is doing the flipping.
The idea of buying a home, sprucing it up and selling at a profit a few months later is celebrated by at least a half dozen popular reality TV shows, several of which are either made in Canada or involve Canadians: Love it or List it, Flip this House, Home to Flip, Flip or Flop and the strangely named Masters of Flip. At the same time, however, there’s growing angst that foreign buyers—namely from mainland China—may be getting into the game, leading to calls for some sort of speculation tax in provinces like B…

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