It’s no secret that Toronto is one of North America’s fastest growing tech markets of the moment. This is growth has been possible because of an excellent local labour pool, relative affordability for companies to operate, Canada’s programs to attract talent from all over the world and very competitive costs for commercial real estate in Toronto including office and warehouse space compared to similar markets around the world
In terms of the local labour pool, a recent CBRE study gave Toronto an educational attainment rate of 39%. This translates to almost 40% of those who are 25-64 having either a bachelor’s degree or higher. Couple that, with excellent universities, and networks such as MaRS, and it leads to Toronto being known for having highly skilled and diverse workers.
Companies also find Toronto to be relatively affordable when it comes to the cost to run their businesses. In particular, when comparing the cost of labour, workers in Toronto has an average salary of about $62,400. This salary falls significantly lower than places such as Silicon Valley where salaries can be well over $100,000. However, this will likely change as Toronto grows to be a more competitive tech market.
Another key component to Toronto’s growth as a tech market is Canada’s ability to bring in workers from all around the globe. Immigration policies such as the Startup Visa have made it easier for companies to bring in talent from other countries as needed, and also for international companies to make their way into Canada. While this will mean that not all the companies will be founded by Canadians, it can still lead to the future success of its tech markets, and the talent that they attract.
It will be interesting to see how these factors impact Toronto in the future. One thing that we can be certain of is that the technology will continue to be integrated into just about everything that we do, and as a result tech talent is extremely important to successful companies today and in the future.
“2017 Scoring Canadian Tech Talent”, CBRE Research. <https://researchgateway.cbre.com/Layouts/GKCSearch/DownLoadPublicUrl.ashx>
“Why is Toronto the fastest-growing market for tech jobs in North America?”, Workopolis. <https://careers.workopolis.com/advice/toronto-fastest-growing-market-tech-jobs-north-america/>
“International Tech Talent is Fixated on Toronto” Techvibes. <https://techvibes.com/2018/03/28/international-tech-talent-is-fixated-on-toronto>