The Economist Votes Toronto Best City In The World
CONNECT asset management
In the News
January 30, 2015
Toronto has been ranked the best city to live in the world by the Economist. The ranking aggregates Toronto’s performance across a range of indexes, which include safety, livability and cost of living. National level rankings like the Economist’s Democracy and Global Food Security Index were also factored into the overall rank. So, like, we’re the best. Give yourself a pat on the back.
The overall rankings come as part of a new survey from the Economist Intelligence Unit that ranks cities based on how safe they are. According to this report, Toronto is the safest city in North America and eighth-ranked city in the world, trailing Tokyo, Singapore, Osaka, Stockholm, Amsterdam, Sydney, and Zurich. The safety index is ranked according to the following criteria: digital security, health security, infrastructure and personal safety.
In the overall rankings (what the Economist calls the “index of indexes”) Toronto has only one category in which it doesn’t rank in the top 10 globally. Can you guess what it is? Yep, cost of living. In this category, our city comes in 70th place. That’s not really surprising, and for what it’s worth, most of the other cities in the top 10 of the overall rankings are deemed to be more expensive than Toronto.
Last week we saw vacancy rates in Toronto rise (ever so slightly!), which might mean that rental rates will likely level off (and perhaps even come down… ever so slightly). Hamilton makes headlines again as we see the city becoming more of a metropolitan area with new condos that are very popular for young individuals and first-time buyers looking for low-cost city living when compared to Toronto. And we have great news for variable mortgage holders with Bank of Canada maintaining its interest rate!
You may have heard some of the recent reports stating that a good chunk of Toronto Condos have a negative carry; meaning the inward cash flow on a property—the money received from rent—does not cover the cost of mortgage and condo fees at the end of each month.
If you know what you’re doing, negative carry is hardly a concern.