Despite consistently being named as Canada’s most expensive city, Vancouver doesn’t even rank in the top five when it comes to economic activity.
According to CIBC World Markets’ latest Canadian Metropolitan Economic Activity Index released this morning, Vancouver comes in eighth place, well behind Edmonton, Calgary and Regina, in terms of the strength of its economy.
The top spot goes to Toronto for the second year in a row. That city has benefited from improving U.S. auto demand and activity in the construction and manufacturing sectors.
“What’s so impressive about Toronto’s performance is that the city has topped our ranking for more than a year,” said CIBC deputy chief economist Benjamin Tal.
Montreal did not make it into the top 10.
The index is based on several factors, including population growth, employment growth, unemployment rate, bankruptcy rates and housing starts.
The top 10 cities and their respective index scores are:
1. Toronto (20.6);
2. Calgary (19.5);
3. Regina (18.4);
4. Winnipeg (18.4);
5. Saskatoon (18.2);
6. Edmonton (17.8);
7. Ottawa (16.8);
8. Vancouver (14.0);
9. Halifax (13.8); and
10. Saguenay (11.2).