Retailers in Toronto are paying the most in Canada for rent, but their lease rates are a bargain compared to other international cities, a new study reports.

Toronto's tony Bloor Street, one of the city's most popular retail haunts, was listed as the priciest area in Canada with rates at an average of $284.45 per square foot, according to Colliers International.

Still, the city's retail rents are relatively low when stacked next to comparable areas in cities like New York, Hong Kong and London.

Toronto is listed as the world's 37th-most expensive retail leasing market, and the only Canadian city to break the top 50 in the report.

Drew Keddy, Colliers International's vice-president in Canada, said the report indicates that Toronto is becoming an attractive place for international retailers.

Keddy added that Toronto is more well-known to international retailers than other Canadian cities.

Montreal's Ste-Catherine Street was listed as the nation's second-most expensive area for retailers at $198.96 per square foot. Vancouver's Robson Street, another popular shopping destination, was close behind at $189.52 per square foot.

Keddy, however, predicts rates will rise in Vancouver.

"With things like the Olympics and Stanley Cup Finals a lot of international retailers are noticing the city," he said.

The title for the most expensive area in the world went to New York's Fifth Avenue, with retailers paying a lofty $2,095.81 per square foot. Areas in Hong Kong, London and Milan also took top spots on the list.

Other Canadian shopping destinations on the Colliers retail rent survey include:

  • Calgary's Uptown 17th Avenue: $52.07 per square foot
  • Victoria's Government Street: $52.05 per square foot
  • Halifax's Spring Garden Road area: $47.32 per square foot
  • Edmonton's downtown shopping district: $42.59 per square foot
  • Saskatoon's Broadway Avenue: $33.12 per square foot