Known for its diversity, culinary scene, and bustling nightlife, Toronto has officially been recognized as one of the top 25 best cities in the world to live and work in for 2024.

On Monday, global consultancy firm Resonance Consultancy released its prestigious 2024 World's Best Cities rankings, and Toronto managed to snag the #23 spot. 

The firm analyzed the overall performance of more than 270 principal cities in metropolitan areas with populations of more than one million, based on a wide variety of measures in order to identify the top 100 places to live, visit, and invest on the planet. 

The ninth edition of the rankings regrouped the previous six categories —Place, Promotion, Product, Programming, People, and Prosperity — into three larger pillars to define each city's score. 

The Livability pillar evaluated each city's walkability score, biking routes, landmarks, and airport connectivity. The Lovability category assessed each city's nightlife, restaurants, shopping, attractions, and Instagram hashtags. 

Lastly, the global consultancy firm analyzed each city's educational attainment, labour force participation, and GDP per capita as part of the report's Prosperity pillar. 

"All the buzz you're hearing about North America's second-largest financial center doesn't even come close to doing justice to what's going on in Toronto right now. The city is the welcoming front door to a country on the hunt for new skilled immigrants," the report reads. 

"Already, half of Toronto's population was born outside of Canada, and the city will blow past 7 million by the time you read this, on its way to trailing only Mexico City and New York in North American populations by the 2070s. Today, its 238 cranes more than quadruple second-place Seattle's count of 51."

Toronto was recognized by the firm for many of its recent construction projects, including the reopening of the century-old Massey Hall, to the new Ontario Court of Justice, to its latest downtown green space, Love Park. 

Several other Canadian cities also managed to make the list, including Vancouver at #50, Montreal at #60, Ottawa at #90, and Calgary at #93. 

Over the past few years, Toronto's ranking has dropped considerably, although it's managed to hold on to its spot in the global top 25 list for 2024. Toronto ranked #13 in the list's 2021 version, #18 in 2022, and #24 in 2023. 

There's a full breakdown of each city's ranking in the report, but here are the top 10 cities: 

1. London, England
2. Paris, France 
3. New York City, United States
4. Tokyo, Japan
5. Singapore
6. Dubai, United Arab Emirates 
7. San Francisco, United States
8. Barcelona, Spain
9. Amsterdam, Netherlands
10. Seoul, South Korea