Toronto skyline in financial district
© Elijah Lovkoff / 123RF Stock Photo

Canadian financial centres had mixed fortunes in the newest Global Financial Centres Index (GFCI 26), released on Thursday by Z/Yen, a London, U.K.-based commercial think tank.

The index evaluates the competitiveness of the world’s major financial centres.

Seven of the top 10 rankings are Asia-Pacific centres, continuing the region’s strong performance in recent years.

Toronto’s rating fell 18 points compared to GFCI 25 and the city lost its top-10 ranking, falling four places from seven to 11 in GFCI 26. Toronto was edged out by Shenzhen, Dubai and Sydney, leaving only one North American city — New York, ranked first — in the top 10.

Montreal was ranked 20th, down from 18, after its rating slipped six points. Vancouver’s rating dropped as well, causing the city to fall five places to 24.

Calgary was the only Canadian city to improve its standing in GFCI 26. The city’s rating rose 16 points, and its ranking rose to 57 from 58.

The ratings of all five of the top centres fell in GFCI 26. New York retained first place in the index, extending its lead over London by 10 points. Hong Kong now sits only two points behind London, while Singapore and Shanghai remain in the fourth and fifth positions, respectively.

While the majority of Canadian centres dropped back following their improved performance in GFCI 25, U.S. centres generally improved in their rankings and ratings.

Seven out of the 10 North American centres in the index are in the top 20.

Read the full report.