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Toronto is world's 'most resilient' city

Toronto skyline, post ice storm. Photo taken from ferry dock at Ward's Island, Dec. 28, 2013. Diana Pereira/680News

Toronto is the world’s “most resilient” city and two other Canadian cities claimed the No. 2 and the No. 3 spots.

The London-based Grosvenor Group said last week that Toronto, followed by Vancouver and Calgary, are the best cities for real estate investment because of their resilience.

Chicago, a U.S. city that is often compared to Toronto for its size and lake-shore location, was No. 4.

“Toronto is no stranger to the importance of resiliency, having endured natural disasters such as the 1998 ice storm and even Hurricane Hazel, in 1954,” Richard Barkham, Grosvenor’s Group research director, said in a statement.

“The investment of city leaders in infrastructure and its commitment to upgrading it over the decades has put Toronto at the top of Grosvenor’s list of the world’s most resilient cities. Canada, as a whole, is doing exceptionally well in developing resiliency … For investors in property and real estate, it makes Canada a very sound long-term investment.”

The Grosvenor Group, a property development company, published a list of the world’s 50 most resilient cities on April 8. The rankings are based on the city’s ability to “bounce back” from an adverse event, governance, and planning infrastructure.

The four least resilient cities were Jakarta (No. 50), Dhaka (No. 49), Mumbai (No. 48) and Manila (No. 47).

Click here to read the full list (pdf).