Swiss bank UBS places Canadian megapolis Toronto as number one, and the Swedish capital city Stockholm as number two in an analysis of which cities show most signs of possible housing bubbles in the future, according to Danish business media Finans.

Copenhagen was not included in the analysis, in which UBS has given a number of large cities a score based on parameters that have recurred when housing bubbles have formed. This is, for example, a disconnect between housing prices and local population’s income.

According to Finans, housing prices in Toronto have increased by 50 percent in five years, while a residence in Stockholm has increased by 60 percent more than wages and salaries in the last 10 years.

Number three on the list is Munich, where housing prices have increased by 85 percent in 10 years.

English Edit: Marie Honoré