By BECKY RAMPHAL
With more than 28,900 technology-related jobs created in 2017 alone, Toronto has been crowned North America’s biggest job market within the tech world surpassing hot-spots such as San Francisco, Seattle and Washington D.C.
From a report released July 25, 2018 by the CBRE Group, a Los Angeles-based real estate company, over the past five years the Toronto tech industry has seen 82,100 jobs established and an increase to the ratio of positions available to tech degrees’ earned as well.
Toronto’s ranking for technology-related prospects within the market increased from sixth to fourth, according to CTV News. The rise in competition and talent in Toronto could be a result of its affordable cost of living, current real estate market trends for commercial space or the level of education available locally within the field.
Paul Morassutti, Executive Managing Director at CBRE Canada, said in the report’s accompanying press release, Canada’s tech markets are booming, especially downtown when it comes to office space rentals. There is a 36 percent demand currently sitting on office space for tech-related businesses.
“High-quality and well-educated tech talent, cost-efficiencies and welcoming immigration policies are competitive advantages for the Canadian tech markets,” Morassutti said. “Companies looking to house operations are putting serious thought to locating in Canada.
Compared to cities such as New York, Washington D.C., Newark and Los Angeles, Toronto is among the best value for quality options for tech firms thanks to less expensive access to labour and real estate, but also high educational attainment levels.”
He said Canada provides high-quality labour for a fraction of the cost in comparison to other major tech-cities.
The University of Toronto, U of T, in a recent press release, attributed a portion of the growth in the downtown tech market to emerging fields such as regenerative medicine and artificial intelligence, and to Canada’s welcoming immigration policies.
Noticing the shift to a more inclusive market, foreign tech firms are expanding into the city by opening research labs and other operations downtown, U of T reported.
Toronto is becoming the place to be within the tech world.