Calgary rated 'best city in Canada'

MoneySense rated Calgary as best city in Canada in their 2013 Best Places to Live list.

Edmonton ranks 3rd, Toronto is 7th

Calgary was rated as Canada's best city by MoneySense magazine. (CBC)

MoneySense magazine has released the results of their 2013 Best Places to Live list and rated Calgary as Canada's best large city and best overall city out of 200 small, mid-sized and large cities across the country.

"Certainly it is always nice to get external accolades," said Mayor Naheed Nenshi. "The Economist now has been ranking us in the top five cities to live in the world. And it's great to see a Canadian publication understand what we who live here know very well — that this is the best place to live in the world."

Calgary bumped three-time winner Ottawa from the top spot to second place, which MoneySense attributed in part to the failure of discretionary incomes in Ottawa to keep pace with the growing wealth rushing into Calgary and Edmonton.

Edmonton rated third in the best large city category and Toronto ranked seventh in the Canadian list.

Other factors responsible for Calgary's jump to the top spot are high incomes and low unemployment fuelled by the energy sector boom.

MoneySense also made note of the relative affordability of owning a home in Calgary — despite high costs, above-average household incomes tend to make the prospect of home ownership more affordable than in other big cities where home prices far exceed residents' ability to afford them.