I'm terribly attracted to a lot of places -- like New York, and London, for all the obvious (and less obvious) reasons. But the more I wander around these other places, I realize that Toronto balances actual-and-real "good living" with elements of what makes all these other places great. Toronto doesn't lack any of the "big-city" elements that I'd want in a NYC (culture stuff, anonymity , community etc.), and actually, many of those elements are more accesssible here. No mountains -- but mountains make for boring cities.
New York is great, of course, but people who make over $100,000 still have to live in tiny boxes of apartments if they want to live Manhattenish. Same with London -- must live on the periphery, past Chelsea or Camden, to live reasonably (and I think only the aristocracy in the UK have access to anything resembling civilized plumbing). All anecdotal examples, and easily disproven, sure, but they add up.
We're all on our own paths, and some paths lead to NY, so these other factors become less important in the face of personal reasons. Certainly my path/career/life/social-circle/etc is linked in many ways to Toronto, so i'm biased towards this place for sure, but I realized something in Malta and Scotland in December (two desirable and civilized places) that Toronto is still much more livable even though we have complaints, and there is so much room for improvement.