Canada

Who says they are?

While I agree, one has to question why there is so much speculation in the first place.

The banks these days will give you 5% returns just sticking your money in a savings account – backed by a government guarantee in case the bank fails. That means housing needs to return something humongous to justify the greater risk.

Speculators can be wrong, but they are never random. There is something out there that makes them legitimately think that those humongous returns are quite possible. While a tax may serve as a bandaid to keep the infection away, what it is that is cutting us?

But fail to actually explain what tax Canada currently has in place that results in owners of multiple homes being taxed more based on how many homes they own.

I would not explain that as we have no such tax of that shape, nor has the conversation ever been about such a tax. Your logical fallacy is ill-conceived.

Other commenters have specifically named the taxes we do have. I'm not sure stealing their thunder adds anything. Did you somehow forget to read all the comments before you thought flailing around like one of those whacky blow up men things you find at the used car lot was a good idea?