The Globe and Mail reports in its Tuesday edition that a few months back, bank economists were offering the most reassuring voice on soaring Canadian housing prices. The Globe's Ian McGugan writes that outside observers have sounded the alarm for years about surging Canadian real estate prices. Despite those warnings, Canada's own financial-industry experts remained believers, until now, in the unfettered market. "Something happened in 2016," as Benjamin Tal of CIBC puts it in a note. Bank of Nova Scotia economists say there might now be "some evidence of speculative activity." The banks offer little consensus about what to do next. National Bank Financial economists argue it is time to look at a tax on transactions by foreign buyers as well as a levy on empty homes. Mr. Tal disagrees with proposals for a foreign buyers' tax, but sees a case for greater incentives for building rental units. Toronto-Dominion Bank, meanwhile, proffers a myriad of possible policies, ranging from a foreign-buyers' tax to higher requirements for down payments. The range of proposals shows how tough it is to tame a runaway housing market in which buyers have been conditioned to expect strong gains, year after year.