Toronto has top-performing economy, CIBC says
A CIBC economic report has pinned Toronto as the top performing Canadian metropolitan economy as its labour and housing markets remain vibrant and a diversity of sectors gain momentum.
The bank's latest Canadian Metropolitan Economic Activity Index released on Monday says the economy in Canada's largest city is firing on multiple cylinders, driving it to the top spot among the country's biggest 25 cities.
During the first quarter of the year, employment in Toronto rose by just under two per cent, while housing starts nearly doubled from the same period last year.
Kitchener, Ont. ranked second, followed by Winnipeg, Regina and Montreal.
CIBC says overall, the metropolitan index lost some ground compared to the first quarter of last year, but still indicates that city economies are growing at a healthy pace.