Last year, Vancouver topped a Swiss financial-services firm's list of cities most at risk of a real-estate price correction.
Since UBS released its ranking, however, prices have continued escalating in B.C.'s largest city.
In fact, the Real Estate Board of Greater Vancouver said earlier this month that the benchmark price for all residential properties was $1.03 million in August. That was up 9.4 percent over the previous year.
Yet even as prices have risen, the newest edition of the UBS Global Real Estate Bubble Index has lowered Vancouver to fourth spot behind Toronto, Stockholm, and Munich.
Vancouver's "bubble rating" has also gone down over the past year from 2.14 to 1.8, according to UBS.
Toronto was given a 2.12 rating this year, compared to 2.01 for Stockholm and 1.92 for Munich.
What these figures mean is anyone's guess, given that there was no price correction in Vancouver, despite its high bubble rating last year.
UBS is one of a multitude of financial-services and investment companies that have been predicting a real-estate price correction in Vancouver. It hasn't materialized since the global economic meltdown of 2008, notwithstanding a litany of blog posts forecasting this to occur.
Last year, Vancouver earned its first-place UBS bubble ranking in part because of its sky-high price-to-rent ratio. This was cited as a sign of "undue dependence of housing prices on low interest rates".
Since then, rents and interest rates have been on the rise, but prices have still held their own. For now, at least.