In the third quarter of 2012 real house prices started to show signs of rebounding again and in 2013 price-to-income ratios were above their long-term average in many countries (Andre 2010, BIS Quarterly Review 2014), suggesting that housing affordability might be starting to decline once again (Appendix Figure B.7). These trends hide important variations across countries. In 2013 price-to-income ratios exceeded their long-term average by over 10 % and were still rising in Australia, Austria, Canada, New Zealand, Sweden and the United Kingdom (OECD Housing Prices Database 2014', IMF Global Housing Watch 2014).