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. Anything below that implies the city is undervalued based on local incomes, demand for housing and other factors. No other North American city was deemed to be in bubble territory, including Vancouver, New York, Los Angeles, Boston, Chicago or San Francisco. But the pandemic has had an unexpected impact on Canada's real estate market. "Big urban centres will remain economic hubs and should continue to attract people but sky-high housing market valuations, coupled with noticeably weaker demand prospects, suggest investors should be cautious," UBS said.

Source: CBC News October 01, 2020 18:42 UTC