Swiss bank UBS says Toronto has 3rd biggest housing bubble in the world

DM

A Swiss bank has concluded that Toronto’s housing market is in bubble territory, as homes in the city are more overpriced based on local rents and incomes than in places like New York, San Francisco, London and Hong Kong. In an annual ranking, UBS looks at 25 major cities in Europe, North America, the Middle East and Asia to track and compare the risk of housing bubbles at the local level in each of them, and it then assigns them a number based on that ranking. A score above 1.5 indicates the bank thinks there’s a risk of a bubble, which UBS defines as “a substantial and sustained mispricing of an asset, the existence of which cannot be proved unless it bursts.”

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