That Toronto is Canada's hottest economy, as per CIBC's measure, is great, but there's a sceptic here at MSN. Despite receiving high praise from the bank, Canada's most populous city seems to simply be growing too fast for its own good. Year-over-year, as of Q3 2011, Toronto's population has increased by some two per cent, the third-highest mark in the country. During that same time, however, employment in Toronto only grew by about one per cent. Similarly, non-residential building permits, a measure that indicates how many new businesses are coming to a city, actually decreased as a percentage in Toronto year-over-year in Q3 2011, suggesting there's going to be a lot of new people to the Big Smoke without anywhere to work. Add it all up and Toronto's unemployment rate, already the third-highest of all cities surveyed by CIBC, might just grow the next time this report is released.
* Bing: How to find work in Canada
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