A vibrant labour and housing market has pushed Toronto to the top of CIBC’s list of best-performing Canadian metropolitan economies, according to a report released yesterday.

Kitchener, ranked second, was followed by Winnipeg, Regina and Montreal.

The bank’s Canadian Metropolitan Economic Activity Index found the economy in Canada’s largest city is firing on multiple cylinders, driving it to the top spot among the country’s biggest 25 cities.

Its first-place ranking is largely due to its vibrant labour and housing market, CIBC deputy chief economist Benjamin Tal wrote in the report.

Toronto’s robust activity has outpaced the national average by a wide margin, he said.

Meanwhile, the real estate market remains one of the hottest in the country, with housing starts nearly doubled from the same period last year. Population growth is also among the highest in Canada.

Regina continues to experience a growing population and job market, with the second-lowest employment rate in the country and the lowest personal bankruptcy rate among urban centres.

Montreal topped CIBC’s previous ranking but slipped to fifth.

St. John, N.B., Thunder Bay, Ont., and Saguenay, Que. posted negative growth.