Toronto Ranked 3rd Best North American Tech Market

During the past five years, Toronto joined the ranks of other North American tech hubs by adding 80,000 tech jobs. According to the Coldwell Banker Richard Ellis (CBRE) Group, Inc. Scoring Tech Talent Report (STTR) 2019, Toronto was ranked third amongst 50 American and Canadian counterparts. This city follows San Francisco Bay Area (SFBA), home of Silicon Valley, and Seattle, respectively. The report also notes that the 80,000 jobs mark a 54 per cent increase in tech jobs for Toronto, making it the fastest-growing market, only falling behind SFBA’s in volume.

The Inc. Scoring Tech Talent (STTR) used 13 unique metrics to rank tech markets including talent supply, completed tech degrees, job growth, concentration, cost of operating a business, industry outlook for tech job growth, and market outlook of office and apartment-rent cost growth.

According to Toronto.ca, a majority of tech jobs in Toronto are related to computer system design and related services. This is followed by jobs relating to telecommunication with the two taking up 60 and 21.2 per cent of all tech jobs, respectively.

Despite the high ranking, the average wages of tech workers in Toronto are low. The city is ranked 48th by the Inc. Scoring Tech Talent with an average wage of almost US 82K. In comparison, San Francisco Bay Area tech workers are paid an average salary of around US 130K. This is balanced by Toronto’s lower rent prices with the average rent of an apartment being US$1052/month while SFBA’s is US$2856/month. Furthermore, Toronto tech workers still earn more than average non-tech talents who are paid around US 51K.

Toronto wasn’t the only Canadian market that performed well. Vancouver jumped 13 spots to rank 12, marking it as the city with the greatest overall growth in North America, according to the Coldwell Banker Richard Ellis (CBRE). Montreal follows at 13th and Ottawa ranked 19th.

Canada is also great for smaller markets. Hamilton and the Waterloo Region are amongst the fastest-growing “opportunity markets.” This makes them ideal for start-ups, tech jobs within non-tech corporations, and small-scale operations.

This growth in tech jobs also means that there is an increased demand for imported talents. The three most common occupations of Express Entry candidates invited here last year were within the tech sector. The Canadian government is taking the initiative to recruit more tech talents through programs such as the Global Talent Stream, a federal program, and Ontario’s Tech Draws, a provincial one.

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