Toronto’s economy is set to grow 2.7 per cent in 2017 but there are three cities vying for second place.

While Vancouver is perhaps the front runner with growth of 2.4 per cent, the Conference Board of Canada is also forecasting a 2.4 per cent rise for Edmonton and 2.3 per cent for Calgary.

"Although economic growth is forecast to ease in 2017, Toronto will still be the metropolitan growth leader in Canada this year," said Alan Arcand, Associate Director, Centre for Municipal Studies, The Conference Board of Canada.

"Vancouver will see economic activity moderate this year, but it will maintain its place near the top of the growth rankings. Meanwhile, the tide is finally turning for Calgary, Edmonton, Regina, and Saskatoon, with all four metro areas emerging from recession this year," Arcand said.

Economic growth in Toronto will reflect a cooling of the housing market, the Conference Board says in its latest Metropolitan Outlook, following measures by the provincial government to ease fast-rising house prices.

It forecasts growth of 2.3 per cent for Ottawa-Gatineau, 2.2 per cent for Winnipeg, 2.1 per cent for Victoria, 2.0 per cent for Hamilton, 1.9 per cent for Quebec, 1.8 per cent for Halifax, 1.6 per cent for Saskatoon and 1.5 per cent for Regina.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: