Canada tops lists of overpriced homes
THE magazine has compiled a worldwide list of the most expensive home prices when compared against rents.
The report reveals that Canada is the most overpriced property market of the 21 nations examined, with average prices 76 per cent overvalued.
Prices of homes in Canada are 54 per cent overvalued when both rents and income were taken into account.
Properties in New Zealand were deemed the second-highest in the world at 68 per cent overvalued compared to rents generated.
Home prices in New Zealand were 20 per cent overvalued compared with income. Prices were, on average, 44 per cent overvalued, as compared to rents and income.