I know my immediate neighborhood well. Every day I walk my dog past the same 30 - 40 homes. On average 5 -6 of these homes are empty for months on end. I'll see a family there for perhaps a few days or on occasion a week or two and they're gone. And sometime in the next year I will see a new family wandering the property for a short sojourn until they too disappear. The same houses keep selling and yet there is seldom a sign seen on the lawn or a MLS listing. I suspect that these families are enjoying the tax free benefits of flipping a principle residence in an unregulated inflated market. Rickie Lee Jones sang 'The easier it looks, the harder it hooks'. Looks like she got it wrong. 
We need to create an environment where the people who live and work in this city get to experience home ownership.. No foreign owned  house or condo should be sitting empty waiting for the next tax free flip while local families resign themselves to a life of renting.
British Columbia got it right.