CIBC released a report which highlights Toronto as a top city for economic growth. The Canadian Metropolitan Economic Activity Index rates Canadian cities on a variety of economic growth factors, and although Toronto did not rank #1 in any specific category, it’s overall prominence near the top of most categories placed Toronto well above most other Canadian cities.
The 25 largest metropolitan areas in Canada are scored on a variety of macroeconomic variables. In the third quarter of 2011, Toronto scored 23 points, followed by Edmonton at 20, Kitchener at 18, Halifax at 16.8 and Vancouver at 15.5. CIBC Deputy Chief Economist Benjamin Tal, believes that real estate is a large driver for Toronto. Toronto’s population is up compared to national population grown and job figures are also above the national average.
“The city continues to enjoy above average population growth, while the pace of job creation and level of employment quality are well above the national average,” said Tal of Vancouver. “While improving recently, the unemployment rate is relatively high, just one tick below the national average, while the pace of real estate activity is starting to slow”.
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