Forbes: World's Most Overpriced Housing

[Kraig]

World's Most Overpriced Real Estate Markets - Forbes.com

"Representing North America in the world's top 10 [Price to Earnings Ratio] were Los Angeles (5th place at 26.88) and Vancouver (6th at 26.81).”

“The relationship between rental yields and housing costs matters because a low rental yield is a good indication of a stretched market--one that has a bubble--since these markets are more likely to face downward price pressures or grow at a slower rate.”

Study may be a little flawed, as it takes data from “city center properties” and doesn’t seem to take relative purchasing power into account, but seems good overall.