The risk of a housing bubble is highest across the Eurozone and Canada, while lessening across U.S. cities, according to a report Monday from UBS. The annual UBS Global Real Estate Bubble Index analyzed the housing markets of 24 global financial centers and found seven cities where home prices are unsustainably high. More: Baseball Star Manny Machado Snags Florida Estate for $11.3 million Munich ranked as the most overvalued housing market due to its strong local economy, population growth and a lack of new housing supply. The German city was followed by Toronto, Hong Kong and Amsterdam. Frankfurt, Vancouver and Paris are in bubble risk territory, too, with low interest rates considered the main driver in European cities in particular, the investment bank said.