The most expensive city in Canada is now the world's riskiest city in housing if a sudden downward correction were to happen.
Housing prices in Vancouver are always on the rise and even during the economic crisis of 2008 Vancouver still saw growth in Real Estate values. As wages and commodity prices weakened the market continued to rise which has caused a "significant overaluation" in the market.
Over the past couple of years the Vancouver market has seen increased upward pressure due to strong offshore investors and foreign property owners. The risk comes from the fact that Vancouver Real Estate values are out of sync with current economic conditions in Canada and around the world.
Other cities also sited and being risky are: Vancouver, London, Stockholm, Sydney, Munich and Hong Kong.