Canadian game maker game publisher city an the most expensive in the world
Toronto home prices have soared 22% in November, making it the city with the most expensive housing in the world, according to a study by a Canadian game publisher.
The weekly breakdown of real estate data by Toronto-based HighView Financial Group shows a whopping 2,508 condo units changed hands in the second half of November, increasing the average sale price of an apartment by 23% compared with October.
Overall, the City of Toronto’s residential market saw a month-over-month 1.8% dip in the housing sector with the number of homes sold down by 1.1% over November 2018, the report shows.
“Despite feeling the impact of higher costs of housing, Toronto buyers are still bombarded with record high video game store sales, record smashing movie ticket sales and just as much shopping trip volume,” said Richard Hopkins, vice president and managing director of HighView Financial Group.
“The highest per capita household incomes in the world continue to drive demand for high density and high amenity housing units,” he said.
Data from the National Bank of Canada show that Toronto was the best-performing large city in the world in November.
The Canadian housing market has been spurred by positive economic data with mortgage rates at their lowest level since 2009, and despite a lack of supply of new condos and other real estate.
Critics say the federal government’s actions to cool the market in 2009, including then Finance Minister Jim Flaherty’s decision to allow for the foreign home buyer tax, have helped further inflate prices, exaggerating the city’s real estate downturns and making it difficult for newcomers to purchase homes in the area.
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Critics say the policy for the time being appears to be having its desired effect with a slowdown in sales.
Data on retail sales in the City of Toronto also shows that January 2019 sales at “apparel, footwear and related products” rose by 3.9% year-over-year from January 2018.
“Compared to the rest of the country, sales in Toronto were stronger,” said Tim Richardson, vice president of researcher NPD, whose data is used by the Canadian government.