BuzzBuzzHome Corp.
March 22, 2011

According to the Global Financial Centres Index (GFCI) published yesterday by Z-Yen, a London-based think-tank, Toronto has climbed into the tenth spot among global financial centres.

London grabbed numero uno, while New York and Hong Kong followed closely behind.

Toronto has moved up two places since last fall’s rankings and is now – crikey! – tied with Sydney, Australia.

“We are encouraged that Toronto has continued to gain momentum and global recognition as a leader in financial services,” said Janet Ecker, President of the Toronto Financial Services Alliance. “We recognize, however, that many countries around the world are competing fiercely to attract financial services business to their shores and that we have to continue to work intensely to sustain our leadership.”

In North America, Toronto occupies the third spot and is closing in on number two, which belongs to Chicago.

One would think that Toronto’s growing prominence as a centre of finance is bound to further energize only certain parts of the real estate market – specifically towards the higher end. However, effects of a growing financial services sector are probably felt, in numerous ways, across the industry.

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