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Canada’s priciest city to buy residential real estate also has the biggest risk of being in a bubble, according to a new international study of real estate markets.

The UBS Global Real Estate Bubble Index 2016 listed 18 cities around the globe and their risk and found Vancouver with the greatest probability of a bubble.

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“Real house prices have increased by more than 25 per cent since 2014 in the wake of a weak Canadian dollar which apparently stimulated Asian demand even further,” the bank said, in its 22-page report released Tuesday. “Moreover, loose credit conditions have offset the economic slowdown due to weak commodity prices. Mortgage growth rates have been accelerating lately. In response, to still-high foreign demand, the local government has introduced an additional property tax for non-resident investors. The risk of substantial price correction appears very elevated.”