Toronto Picked as UBS’s Bubbliest Housing Market as Prices Drop
Bank ranks global cities most in danger of a correction spurred by rising interest rates, looming recession.
Homes in the St. Andrew-Windfields neighborhood of Toronto.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Toronto’s housing market is looking like the world’s biggest real estate bubble, with Frankfurt not far behind in a UBS Group AG study of cities with the greatest potential for home-price declines in the coming months.
Canada’s financial capital rose to the top position in the Swiss bank’s annual ranking of real estate markets most in danger of correcting. Cities from Amsterdam to Tokyo also saw their risk levels increase, according to a report released Wednesday.