Some thoughts on that @UBS bubble index report that came out the other day - where Toronto was the 2nd highest city (biggest risk) in the 🌎. Or at least the 24 selective cities covered. (Chart via @AxiosVisuals ) /1
First of all, something I haven't seen reported was that Toronto's risk number has actually fallen the last couple of years from 2.12 > 1.95 > 1.86. /2
Toronto's ranking was #1 in 2017 and #3 in 2018 (behind Hong Kong and Munich). Big reason Toronto has climbed in the rankings is that other top cities have reset. Graphic relates to 2016 rankings. Could still be some air to be let out of Toronto's prices. /3
By my count here are the largest declines since 2017.
1) Sydney -0.92
2) Stockholm -0.91
3) Tel Aviv -0.54
4) London -0.46
5) NYC -0.34
6) Toronto -0.26
7) Vancouver -0.19
So Toronto has actually lost more bubble points than Vancouver /4
Here's a slide for you #VanRE fans. /5
Toronto is not the only city talking about #affordability. /6
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