Toronto has been ranked the Best City to live in the World!
The prominent international news magazine “The Economist” has ranked T.O. as the best place to live in the WORLD! The ranking was based on Toronto’s performance across a range of indexes, which includes safety, livability and cost of living.
When comparing factors such as livability, cost of living, business environment, democracy, safety and food security, it was no doubt that Toronto came out on top! In terms of safety factors alone, the city placed eight in the “Safe Cities Index 2015” out of 50 cities from around the world and first among the cities in North America. (The Toronto Sun, 2015).
On a side note, Toronto was also named the fourth most attractive city in the world and it was the only Canadian city to make the list last year. Let’s give ourselves a pat on our backs for being such great city!
In the overall rankings, Toronto has only one category in which it doesn’t rank in the top 10 globally. Of course, we didn’t make it to the top of the list for the “cost of living” category and most Torontonians would attest to this fact. In fact our cost of living is often through the roof. Although, Toronto had the best average score overall, the city did fall in 70th place out of 131 for worldwide cost of living. The cost of living measurement combines housing, utility, transportation and food costs. (CTV News)
Speaking of housing and affordability, prices of homes in Toronto has been rising and will continue to rise. Home sales in the Greater Toronto Area rose 6.1 per cent in January compared to a year earlier, according to new figures from the Toronto Real Estate Board. Average prices jumped 4.9 per cent even as the region saw a spike in new listings, which rose 9.5 per cent compared to a year earlier. The housing market still remains unaffordable to many buyers in todays economy.
So what does this mean to the future of real estate in Toronto. Our predictions are that Toronto will still remain “hot spot” for many home buyers and the demand will keep rising at a steady pace as anticipated by many market analysts.