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June 16, 1998
KPMG study says Bay Street better bargain than Wall Street
Toronto - A new KPMG study, released today by the Government of Ontario and the
City of Toronto says it is more cost efficient for the business and financial
sector to operate in Toronto and other Ontario cities than in major U.S. cities.

Ontario's Economic Development, Trade and Tourism Minister, Al Palladini and
Toronto Mayor Mel Lastman released the report in simultaneous press conferences
at New York's Wall Street and Toronto's Bay Street today. Palladini, reporting
live from New York in front of large cut-outs of the Statue of Liberty and
Toronto's CN Tower, urged the financial sector to consider the report's

"America's financial industry should definitely take a closer look at Ontario,"
said Palladini. "Toronto and Ontario should be at the top of the list when the
industry makes decisions on where to expand their operations and create new

"Toronto is simply the better place to be," said Mayor Lastman. "We are more
cost efficient and business friendly while maintaining a superior quality of
life. We have a lot to be proud of."

The KPMG study, entitled Business Cost Comparison - Downtown Core of Major
North American Cities, shows that each of the U.S. cities studied is between 25
and 50 per cent more expensive than Toronto as a business location. It also
shows that Ottawa and London beat out key American cities on the cost of doing

The study, commissioned by the City of Toronto and the Ministry's Ontario
Investment Service also shows significant advantages to doing business in
Ontario compared with other provinces. It compares the cost of doing business
in Toronto, Ottawa, London, Montreal and Vancouver to New York, Boston, Jersey
City, Chicago, Atlanta, Dallas, San Francisco and Los Angeles.

Ontario cities also compare favourably with others in Canada. Ottawa and
London's costs are shown to be lower than Montreal and Vancouver. "Toronto and
other Ontario cities continue to show a strong competitive advantage to U.S.
cities as business locations," said Palladini. "Ontario's lower taxes and
better economic environment have lead to 341,000 new jobs since July of 1995."

A mutual fund company was used as the study model, since the facilities and
services used by that type of business compare well with many other types of
business. The findings are relevant across a broad range of financial and
business services firms. On the basis of a direct cost comparison, Ontario
ranks significantly lower on such factors as labour cost, employee benefits,
office space, telecommunications, business taxes, professional services and

Copies of the study released today may be obtained by calling (416) 325-6686 or
can be downloaded from the internet at Invest Ontario (link to

disponible en francais

Media Contact
Jim Warren
City of Toronto
(416) 395-6482

Gabriel Manseau
Ministry of Economic Development, Trade and Tourism
(416) 325-6686



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