Prominent businessman calls Toronto a ‘declining city’

A prominent businessman took out a full-page advertisement this week in a national newspaper calling Toronto a “declining city.”

The ad was placed in the Globe and Mail by Thomas Caldwell, chairman of Caldwell Investment Management Ltd. and former governor of the Toronto Stock Exchange.

Caldwell writes that he was assaulted verbally and physically in the last two weeks, in addition to experiencing multiple so-called “shouter” incidents in the city. Caldwell says he assumes he was targeted “for the arrogance of wearing a suit and tie.”

CTV News Toronto has not independently verified the incidents.

In an interview with CP24 Monday, Caldwell said he took out the advertisement because he felt like “somebody has got to say something.”

“What was surprising to me was the incredible amount of support we received, emails and letters and phone calls … so many people sharing their own experiences,” he said.

“A good starting point is for city council to put their preconceived notions about how everything should live and listen to the people in the city.”

On Monday, Mayor Olivia Chow responded to the idea that Toronto was a “declining city” by listing all of the events that took place over the weekend.

“What gives me great confidence that our city is vibrant, is diverse, is celebratory and people are enjoying each other's company,” she said.

She added that there are improvements to be made, especially in terms of safety and affordability.

“But those are the things we could work on,” Chow told reporters. “I reject that whole notion that the city is in decline.”

Watch the interview above.