UBS crowns Toronto as bubbliest housing market in the world

Out of 25 major real estate markets around the world, Toronto housing scored the highest on UBS' Global Real Estate Bubble Index REUTERS/Mark Blinch

The only other Canadian city to appear on the index is Vancouver in sixth place with a score of 1.70, sandwiched between Hong Kong and Amsterdam. "Bubble risk for both Canadian cities is again highly elevated," UBS said in the report, released on Wednesday. "In such overheated markets, with already very stretched housing affordability, the recent rate hikes by the Bank of Canada could be the last straw that broke the camel's back," the report said.

Scott Ingram, a chartered professional accountant and realtor with Toronto-based Century 21 Regal Realty, says it was a "definite head-scratcher" on why the housing shortage was not mentioned more prominently by UBS, especially considering Canada's ramped-up immigration targets.

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