We need BOC to raise interest rates to end the speculation. High interest rates make loans less affordable. More importantly, higher interest rates will push the Loonie higher to make Canadian real estate more expensive to foreigners. 

It is not a coincidence that Toronto started to experience a bubble after the Loonie crashed two years ago. Because of the weaker Loonie, Toronto real estate got 40% cheaper to Asian investors and Canadians who got their money from Asia.