According to a new report from Swiss global financial services company UBS, prices in several major cities have reached “bubble territory,” which means housing costs are overvalued in the context of other factors like income and employment. Toronto, Stockholm, Munich, Vancouver, Sydney, London, Hong Kong, Amsterdam, and British Columbia are all at “bubble risk.” In these regions and cities, home prices have increased by nearly 50 percent since 2011. This rate of growth far exceeds the rate of economic growth and inflation. By comparison, income levels and rent costs have increased only 10 percent in these cities during the same time period.

Although no U.S. cities are listed in the highest “bubble risk” category, San Francisco and Los Angeles are both considered “overvalued.” Home prices in San Francisco have increased nearly 65 percent since 2011. But despite this growth, the city only has “limited bubble risk,” due to a strong economy and the boom of technology companies in Silicon Valley. High net-worth investors will continue heading to the Golden City, and prices are at lower risk of a bubble, as long as supply does not far exceed demand.

This CNBC report writes that identifying bubbles early on can protect investors and offer insight into an area’s real estate climate. After all, U.S. homeowners do not want a repeat of the bubble burst that occurred in the late 2000s, which many people are still recovering from. The U.S. has still not returned to producing even the historic average of new homes.