Why Is Toronto The Fastest-Growing Tech Market In North America?

According to a CBRE report, Toronto is the fastest-growing tech market in North America.

Even more frightening is that it is gradually getting out of sight from other provinces in Canada, including the United States Of America.

There were a lot of surprises from the pandemic, but the notable surprise was the surge in Toronto’s tech market.

Reasons Why Toronto Is The Fastest-Growing Tech Market In North America

1. Universities

Toronto has universities that support them as the fastest-growing tech market in North America.

With the presence of the University of Toronto, York, and various other institutions of higher learning. It is a blessing to create professional careers and talent for technical training.

The University of Toronto alone has the first ten accelerators, including the Creative Destruction Lab.

Then, of course, the MaRS network mentioned above works with more than 1,000 companies, employs more than 6,200 people, and collects more than $ 3.5 billion.

CBRE analysis found a 35 percent overall growth in tech degrees in the Toronto area between 2011 and 2015, with a 47 per cent boost in computer engineering degrees.

Read also:  Why are Tech Companies moving to Toronto

2. Government Interest

Toronto’s government is very much interested in the tech market. They also ensure that world-class universities and research programs have made them the fastest-growing tech market in North America.

The Canadian government boldly documents research and development efforts that would not be possible within companies.

Considering the history of Silicon Valley, first and foremost a government-led R&D lab. In the decades after government funding began to be invested, more interesting private companies emerged.

Toronto has a friendly immigration policy that helps it grow in the technology market. As other countries compete for technical talent to tighten their borders, Canada’s attitude of comparing immigrant workers has been a great help to companies that find highly skilled people.

These policies are still relatively new, but both could increase Toronto’s growing number of technology projects in the future.

In June, a new organizational plan gave Canadian companies the option to bring in foreign workers in two weeks. It is a $ 7.8-million two-year trial run as part of Jesus’ World Skills Government.

In addition, the government recently announced that the Start-up Visa Program, which allows foreign entrepreneurs to obtain a permanent residence permit to relocate their companies to Canada, will be extended.

3. Home Talent

Toronto’s highly skilled technical staff have gradually increased their growth in the technology market.

The CBRE report also found that the quality of the workforce in the area is impressive, earning better points than the highest-paid talent in cities including Dallas, Minneapolis, Miami, and Phoenix, which has facilitated them as the fastest-growing tech market in North America.

4. Relative Cheap Cost

Toronto has the added advantage of being less expensive than other cities, especially considering its high level of performance.

For example, Toronto’s average technical talent salary was $ 62,400, far more than the average $ 123,200 brought home to Silicon Valley.

Even the U.S. city, the lowest paid, Oklahoma City, saw workers earn an average of $ 74,400.

Of all the technology talent markets included in the CBRE study, Toronto was the second most expensive to operate at $ 26 million (only Vancouver did better), compared to $ 57 million in the Bay area.

Unfortunately for those who work in the field, however, observers expect that faster wages will rise and strengthen their position as the Toronto talent area becomes more competitive as the fastest-growing tech market in North America.

Statistics Backing Toronto As The Fastest-Growing Tech Market In North America.

Toronto is already a Canadian business capital and one of the most coveted cities in the country.

According to Business Insider, Toronto is the 9th most technologically advanced city globally, while San Francisco ranks first. So naturally, as the fastest-growing tech market in North America.

It is officially stated that from 2019-to 2020, Toronto has seen a 26.4% increase in high-tech jobs (defeating Silicon Valley). Next up were Seattle, Vancouver, New York, and Austin, with 22%, 21%, 18%, and 16%.

Ottawa is ranked second in the world in terms of technology. 9.9% of Ottawa employees are employed in the technology sector, only 0.1% behind San Francisco, while Toronto is ranked third.

Toronto also offers high-quality talent for a fraction of the cost. For example, comparable technical skill in Toronto costs less than half of San Francisco and about 50% less than in New York or Seattle.

Read also:  14 Toronto Blogs That Will Help You Know The City 

Achievements Proving Toronto Is The Fastest-Growing Tech Market In North America.

Thanks to Global Talent Stream, a program makes hiring highly-skilled foreign workers easier for Canadian employers.

It has led to its ever-increasing growth. They prioritized the initiative in 2017 to support the Toronto high-tech technology project, which appears to have contributed to this success as a fast-growing technology market in North America.

Advances in high-speed communications and industry-leading research have helped make Toronto a global hub for technology and media innovation.

Toronto sees more than twenty-five thousand students in STEM-related programs annually and more than two hundred and ninety thousand people employed in technology-related jobs in the Toronto Region. A high level of technology is available to everyone as it is a growing market.

Toronto is now home to some of the world’s most famous tech companies, including Google, Amazon, Netflix, Stripe, Reddit, TikTok, Doordash, Uber, and Pinterest.

Toronto also incorporates a strong start-up culture, with countless small technology companies setting up stores in Canada’s largest city.

Not only did Microsoft announce the expansion of its Canadian headquarters in Toronto.

Or that for the first time, Pinterest expanded its platform outside the United States with its October 1 opening of its Toronto office.

Either Nvidia will triple the number of researchers in its recently announced Toronto AI lab, Instacart, or that new location UBER engineering will expand the R&D Driving Lab.

All these announcements (and many more), worth $ 1.4 billion, were made in the last 30 days, a clear sign that the Toronto tech boom is showing no signs of slowing down as the fastest-growing tech market in North America.

Conclusion

Toronto’s reputation as a vibrant and diverse city, coupled with government investment in research and development, attracts investment investors and talent.

Canada has significantly benefited from its ability to bring in skilled workers worldwide, and these visa programs will need ongoing support as the demand for talent grows.

Undoubtedly, Toronto has been growing as a global technology hub, boasting its status as the fastest growing technology market in North America.