The international warnings about Canada’s overheated housing market continue with a report from The Economist showing ours is among the most overvalued in the world.

The report says Canada’s housing market is the second-most expensive among 19 nations surveyed when measured by price-to-rent, and among the top three when it comes to price-to-income.

“If these ratios are higher than their historical averages … property is overvalued; if they are lower it is undervalued. On this basis, Canada’s house prices are bubbly whereas Japan’s are undeservedly flat,” the magazine said in its latest issue.

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