What Makes Toronto a World-Class City?
Toronto’s future as a world-class city is looking as assured as ever. Last year on Kearney’s Global Cities Index, Toronto moved up nine spots, to number 2 on their Global Cities Outlook list of a city’s future potential.
In Resonance Consultancy’s World Best Cities report for 2021, Toronto has moved up four spots from last year, sitting at number 13. This list is based on multiple factors, from a city’s physical location to its economic prosperity and even includes a city’s handling of the COVID-19 pandemic.
So what makes Toronto such a world-class city?
The People
For generations, Toronto has been an attractive destination for immigrants to North America and Canada. This has led to today’s rich diversity: almost 50% of the population is foreign-born, and over 50% identifies as part of a minority group. This recent and historical immigration has uniquely shaped the cultural landscape of Toronto.
One reflection of this is in the numerous wonderful ethnic neighbourhoods around the city: Little India, Chinatown, Koreatown, Little Jamaica, Greektown, Little Italy, Little Portugal, and Kensington Market.
Diversity like what we have in Toronto has numerous benefits for a city. Those that live in more diverse communities have higher cultural sensitivity, making them better global citizens.
The Culture
The cultural landscape of Toronto is as varied as its people. The city’s performing arts and theatre scene have impressive offerings: two orchestras, six opera companies, and over fifty dance companies! With numerous performance venues spanning the range of ticket prices, there’s always something to see and do (in non-pandemic times).
For those interested in museums or art galleries, there is plenty to choose from. Listing them all would take its article, but there are options for those interested in natural history, national history, or native art and history. If you want to view local art, international art, or even just ceramic artwork, there’s a museum or gallery for you. Sculptures, contemporary art, and performance art also have their respective housings.
With five public universities, four significant colleges, four public school systems, and numerous seminaries and vocational schools, Toronto’s educational landscape is more than impressive. Whether you’ve moved here for education or your planning for the education your children are receiving, the options provide comfort in finding what’s best for you and your loved ones.
The Economy
As a national and international centre for finance and business, Toronto’s economy drives the nation’s economy. Within the Financial District, you’ll find the Toronto Stock Exchange, numerous banks and law firms, and offices or headquarters of several large corporations. Toronto also is the location for the national offices of Canada’s five largest financial institutions, known as the Big Five.
In terms of the housing market, record home sales are continuing in the Greater Toronto Area (GTA). In what’s being described as a historic demand for housing, the GTA saw a 52.5 percent increase in transactions compared to February 2020. Looking at all areas of the GTA combined, the condominium apartment segment is leading the way with a 64 percent sales increase compared to last year. This trend is sure to continue as Canada upped the immigration targets over the next three years. Increasing from 401,000 this year to 421,000 in 2023.
Outside of finance and housing, Toronto is an essential location for numerous other industries: information technology, telecommunication, publishing, multiple media outlets, and film production. As a capital of all these industries, the city’s economy is protected from the boom and bust of a single sector, insulating it against major overall economic downturns.
Toronto’s connectivity with the rest of the country and the world by road, rail, and water creates even more economic opportunities for the city. These opportunities benefit Ontario as a whole, keeping its unemployment rate continually lower than the national average. And with plentiful options for businesses big and small, Toronto is the home for many entrepreneurs. If you are interested in starting or moving a business, Toronto is just the perfect place to take your next steps, and CHI Real Estate Group is here to help.
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