Calgary, Vancouver, and Toronto Named Most Livable Cities in the World
Overview of Global Liveability Rankings
Have you ever wondered what the best cities in Canada are? In the 2023 Global Liveability Index, three Canadian cities – Vancouver, Calgary, and Toronto – were ranked within the top 10 of most livable cities in the world (Vancouver was 5th, Calgary was 7th, and Toronto was 9th). These large cities have consistently been among the highest-ranked over the past 15+ years, joining cities like Vienna, Copenhagen, Melbourne, Sydney, and Zurich.
The Global Liveability Index is a yearly assessment published by the Economist Intelligence Unit which ranks 172 global cities for their urban quality of life. First introduced in 2002, the annual report is based on the assessments of stability, healthcare, culture and environment, education, and infrastructure within major cities. Since then, it has emerged as a crucial resource for businesses and governments to assess and contrast the standard of living across urban settings.
Criteria for Evaluating Livable Cities
Within the context of the Global Liveability Index, the rankings are established through a comprehensive rating system. Every city is assigned a rating for thirty qualitative and quantitative factors across five categories: stability (25%), healthcare (20%), culture and environment (25%), education (10%), and infrastructure (20%). Each category is then rated on a scale from acceptable to intolerable (acceptable, tolerable, uncomfortable, undesirable, or intolerable). For qualitative factors, such as culture, ratings are awarded based on the judgment of in-house analysts. For quantitative factors, such as infrastructure, a rating is calculated based on a number of external data points.
Why These Cities Stand Out
Toronto, Vancouver, and Calgary are all major metropolitans with the combined population of nearly 1/4 of Canada’s. These vibrant hubs attract visitors and newcomers from around the world . Given their size, they top the chart as best cities in Canada to live and work for their strong infrastructure and diverse cultures.
Toronto is one of the most multicultural cities in the world. It boasts a strong, diverse economy, and is considered the #1 tech city in North America according to CBRE. With a population of over 50% immigrants, and the fastest growing percentage of tech jobs across the continent, it is no surprise why demand for Toronto real estate remains high.
Vancouver is a beautifully diverse city surrounded by some of the most stunning natural landscapes that Canada has to offer. Like Vancouver, Calgary boasts incredible scenery around a vibrant, well-developed city. Their economy is primarily built on construction, energy, engineering, and can be an enticing market for many job-seekers.
Implications for Real Estate Markets
The Global Liveability Index is often used as a decision-making tool by aspiring homeowners, and the highest ranked cities will likely be more popular destinations. However, the popularity of these three cities in recent years has unfortunately been a double-edged sword. The influx of new migrants to these areas has out-paced the rate of new housing supply development, leading to the current Canadian housing affordability crisis. Since demand always outpaces supply , given the desirability of the cities, first-time homebuyers are increasingly getting priced out of the market.
If you are considering moving to one of these cities, reach out to Clover Mortgage today for personalized advice to assist in this transition. We want to ensure a smooth and easy process when you are searching for a new home in these major cities. Don’t miss the opportunity to make your next property move smoothly; let us help you bridge your way to success.
FAQ
What is the most livable city in Canada?
The most livable city in Canada in 2023 is Vancouver, which was ranked 5th as the most livable city in the world by the Global Liveability Index. Toronto and Calgary followed behind in 7th and 9th, respectively.
These locations represent the best cities in Canada to live and work, given their extensive infrastructure in place for amusement, transportation, and support. They are also amongst some of the most diverse cities in the world, with people from all around the world choosing them as the premiere location to settle down.
Where is the most affordable place to live in Canada?
It’s important to consider that each person has their own preferences regarding job opportunities and quality of life factors. However, several places in Canada that are believed to be most affordable include Atlantic Canada (cities in New Brunswick and Nova Scotia), Winnipeg, and Saskatoon and Regina. These areas generally have lower housing costs and daily living costs compared to major urban centres like Toronto and Vancouver.
What is the best place in Canada to raise a family?
Again, the "best" place to raise a family in Canada is generally determined by your individual preferences and requirements. However, cities like Ottawa and Quebec City are often known for their family-friendly environments, excellent schools, healthcare, and recreational activities. Other options include smaller communities in provinces like British Columbia and Nova Scotia, which are known for their safety, strong sense of community, and access to nearby nature locations.
