Wealth gap between Montreal and Toronto remains steady, report finds

A recent study reveals that while Quebec's regions have narrowed the economic gap with Ontario, the wealth disparity between Toronto and Montreal persists. According to the Institut du Québec research group, Quebec's gross domestic product per capita stood at 91% of Ontario's in 2011, excluding Toronto and Montreal. By 2022, the per capita GDP of Quebec's regions had climbed to 99% of Ontario's.

However, the report found that the gap between Montreal and Toronto remained unchanged, with Montreal's per capita GDP at around 80% of Toronto's.

Jean-Baptiste Vallantin-Dulac, an economist at Institut du Québec, suggests that Montreal's performance hasn't been poor, but Toronto's economy is heavily reliant on the lucrative finance and insurance sectors. The research group advises that the gap between Montreal and Toronto could widen if Quebec fails to adjust its immigration policies to attract a highly-skilled workforce.