For the first time, Toronto tops a list of major global cities most at risk of a housing bubble.

The rankings are compiled by the Swiss-based financial services company, UBS Group AB.

Vancouver ranks four while Stockholm, Munich, Sydney round out the top five.

UBS says the bubble risk in these cities has spiked the last five years as home prices have shot up by nearly 50% on average since 2011.

However the company says the ”bubble risk seems greatest in Toronto, which it has increased significantly in the last year.”

UBS adds a strengthening Canadian dollar and more interest rate hikes would ”end the party” for Toronto.

The Bank of Canada’s raised rates twice over the summer, but governor Stephen Poloz said this week he has no pre-arranged route for more hikes, insisting the central bank would be taking a more cautious approach to any future increases.