Last week, we blogged about the recent discovery that Toronto was Canada’s most expensive city to live in. In fact, a Mercer study determined that the city where Synergy Merchant Services is headquartered is the world’s 59th most expensive town. Yesterday, however, Sharon Singleton of QMI Agency revealed in an article that there is good reason for Toronto’s pricey ways.
In what is easily a more favourable view of Canada’s largest city, “Toronto tops 24 other Canadian cities in a survey of metropolitan economies, with jobs growing and property prices rising”, wrote Singleton. Based on a new CIBC World Markets study, Toronto is home to the “hottest” economy in Canada.
Singleton notes that Kitchener, Ontario and Winnipeg, Manitoba rounded out the top three economically sound cities in Canada. The strong job market was one factor that helped Toronto to outdo the national average during the rebound from the recession. She writes that in the first quarter of 2011, employment rose by 2 per cent.
But what else has helped propel the nation’s largest city to become its strongest financially? According to CIBC deputy chief economist Benjamin Tal, “The multi-channel nature of Toronto’s economic engine is the secret not only behind its current top ranking but also behind its ability to maintain a relatively high ranking position over the past two years.”
In addition, Singleton points out that consumer bankruptcy rates are decreasing. So much so, that Toronto ranks the lowest in Canada for cities experiencing bankruptcy amongst its citizens. Winnipeg experiences quite the same financial atmosphere, helping it to be one of the country’s strongest economic cities.
Said Tal: “The positive momentum in Winnipeg is a relatively new development. During the recession, the city followed the trajectory of the national economy very closely. However, recent quarters have seen the city outperforming the national average, with the performance gap currently at a record-high.”
Unfortunately for Quebec’s cities, the news is not so bright. Montreal, in fact, was formerly Canada’s strongest economic city. It now sits in fifth place. Quebec is also home to the last place finisher, Saguenay. We wonder, however, if this new revelation will make Torontonians any happier about being the most expensive city in Canada!