Earlier this month, U.S.-based Forbes magazine ranked Canada as the best place on the planet to do business. The U.S. came in 10th.
As the economic hub of the country, responsible for fully 20 per cent of its GDP, Toronto benefits greatly from such global attention. “We’re seen as a safe haven for foreign investment,” said Vaccaro.
The city is also a major immigration destination. Federal immigration policies continue to attract large numbers of new Canadians, most of whom are drawn invariably to the big cities, especially Toronto. An estimated 100,000 new residents move into the greater Toronto area each year, a growth rate closer to that of cities in Asia than any in North America.
In addition, immigration rules favor migrants with assets, meaning many jump quickly into a housing market that, despite rising prices, is still a bargain by international standards.
In addition, Toronto is bordered by a ‘green belt,’ ringing the city at the edges of its vast suburbs. Imposed by the province of Ontario in 2005 largely as an environmental measure, it has helped contain suburban sprawl, forcing developers to move away from traditional housing tract development and to look skywards.
The result is a city that gleams in the late afternoon light, a magnet for big money and big names.
So...... Plainly we are not Dubai.