Despite a housing shortage and erratic weather, º£½ÇÉçÇø¹ÙÍøhas placed 20th in the latest “greatest cities in the world” list.
New York, London and Paris topped theÌýÌýreleased Thursday. The global economic advisory firm bases its list on five factors: economics,Ìýquality of life, the environment, governance andÌýhuman capital, whichÌýincludes the age, education and growth of a population.
Of the 1,000 cities the report analyzed, º£½ÇÉçÇø¹ÙÍøplaced ahead of city-stateÌýSingapore and just below Dallas, Texas. Vancouver, in spot 37, and Montreal, 43, were the other Canadian cities to make the second annual list.Ìý
“º£½ÇÉçÇø¹ÙÍøboasts one of the most historically stable economies in North America, yet it has not sacrificed its robust GDP and employment growth to achieve this feat,” the report read, also citing immigration and its role as a corporate and educational hub as reasons for the city’s ranking.Ìý
The company said that Toronto’s “breakneck pace of population” has vaulted the city into “strong growth” though the surge of new residents has also contributed to the housing crisis.
“With housing supply unable to keep up with demand, unaffordability remains near record highs. As a result, residents of º£½ÇÉçÇø¹ÙÍøspend more of their income on housing than residents of nearly every other city in the world.”
The list makers were also not impressedÌýwith Toronto’s weather, saying it was docked points for “temperature anomalies.”Ìý
“Despite housing market challenges and a temperamental climate, º£½ÇÉçÇø¹ÙÍøremains a popular destination for new residents from the world over. At a time when many cities in the developed world are struggling to maintain their population growth, º£½ÇÉçÇø¹ÙÍøis primed to remain a strong contender in the rankings for years to come.”
Three other Ontario cities were named in the 1,000 cities studied by the report: Ottawa-Gatineau placed at No. 88, Kitchener-Cambridge-Waterloo at 163 and Hamilton was ranked 248.Ìý
The 2025 ranking of the world’s cities has been heavily impacted by tariffs and trade wars, according to the company.
“Trade tensions and deglobalisation are causing considerable headwinds to economic growth worldwide, potentially triggering substantial shifts in supply chains and the way countries do business with each other over the coming years.”
º£½ÇÉçÇø¹ÙÍøwas recently listed as the happiest G7 country and 18th overall in March’s World Happiness report and 15th in the World’s Best Cities list from Resonance Consultancy, a Vancouver-based economic development, real estate and tourism marketing firm.
In other recent rankings, º£½ÇÉçÇø¹ÙÍøplaced as the 13th wealthiest city in the world based on the number of residents who are millionaires. It is also the in the world (out of 226) for international workers.
Most recently, the Ontario Living Wage Network reported that the minimum wage people need to earn to live in º£½ÇÉçÇø¹ÙÍøis $26 an hour compared to the $17.20 set by the province.
With files from Karon Liu.Ìý
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