Toronto leads economic growth of Canadian cities on manufacturing sector, condos

TORONTO – The biggest city in Canada also had the fastest growing economy in the country last year.

A new study on major Canadian cities by CIBC found that Toronto ranked tops amongst its peers in 2012, helped by a recovery in the manufacturing sector and a surge in condo sales.

Second place was Calgary, boosted by new residents to the city and its healthy jobs market. The report found that consumer spending in Calgary has been strong, with retail sales up nine per cent over the past year.

Regina came in third place, driven by very strong population growth that makes it the fourth fastest growing city in the country with one of the country’s lowest unemployment rates.

Ranked lower on the list were Winnipeg, Saskatoon and Edmonton, coming in fourth, fifth and sixth place respectively.

Ottawa came in seventh while Quebec was 11th place for economic growth.