A new ranking of the world's best cities for 2023 has been released, and five Canadian spots made the list.

The world's 100 top-performing cities were announced in the annual World's Best Cities Report by Resonance Consultancy, a marketing consultant specializing in areas like tourism and real estate.

According to a press release, the rankings are determined by "analyzing the performance of each city for a wide range of factors that have historically shown positive correlations with attracting employment, investment and/or visitors to cities," like the physical sense of a place, its people and infrastructure.

The ranking determined five Canadian cities to be the best in Canada and among the best 100 cities in the world.

According to the report, Toronto is the best city in Canada for 2023, finishing in the top 25 of the best cities in the world overall.

The city ranked highly thanks to its diversity and education, with the University of Toronto recently named the best in Canada and one of the best schools in the world.

Toronto also ranked well for its high number of Global 500 head offices, boasting the seventh-highest number of them in the world.

Following the city is Montreal, which came in 57th place in the ranking.

Canada's second-largest city made the list thanks to its income equality and culture, with a "smoldering indie music scene, digital placemaking and playful creativity on every street corner."

Following the European-esque city was Calgary, which came in at number 65 on the list.

The city, which is described as a "challenger" to Toronto, was named one of the world's best and one of the best in Canada thanks to factors like its "educational attainment," income equality, and "long-lauded quality of life."

Vancouver, which often places highly in rankings of the best cities in Canada, came in at 69 in the Best Cities Report, making it the fourth-best city in the country.

While Vancouver scored well for things like its income equality and university (with the University of British Columbia ranking 18th globally, according to the report), as well as being a "safe and smart" place to live with a unique topography, the report notes that the city comes with a high price of entry.

Rounding out the best cities in Canada is Ottawa at number 96, thanks to things like its people and educational attainment, with the report noting that Ottawans are "uncommonly intelligent."

The city also received praise for its relatively low cost of living and many events and things to do, making it an attractive place to live.