We all get it and have known it for ages. Corrupt Asian businessmen and government officials parked their ill-gotten loot in the prime areas of Vancouver, buying up condos and properties for their spouses and children, but do not file tax returns nor pay taxes. But ordinary Canadians do file tax returns and pay their fair shares of income tax because their income tax is deducted at the source. These ordinary Canadians have to live in the suburbs, such as Surrey,  because they don't have to financial means to compete with the rich Asians that make millions but declare none. The explains why the higher the income, the lower the average home price. 

The solution is easy. Property taxes should be set very high based on fair market value, but can be offset by income tax paid. That way, CRA wouldn't need the Asians to file tax returns to tax them. Say a home is worth $5 million, and the property tax should be set at 3% or $150,000.