Toronto’s tech sector is now growing at twice the growth rate of the second fastest growing city, San Francisco. In the past 5 years, Toronto has added as many tech jobs as San Francisco has added in the past 7 years and now ranked 3rd overall for Tech Markets in North America.
“We hear about tech more and more, but in a thriving city like Toronto, the impact of tech companies and the growing influence of tech talent cannot be overstated. Tech job growth has a multiplier effect in the economy and the influence of tech is re-shaping virtually every sector of real estate,” said CBRE Canada Vice Chairman Paul Morassutti.
Graduates do not always remain in the labour market where they earn their degrees, and some cities experience a brain drain. Not so in the case of Toronto, which tops the Tech Talent ranking for its strength as a tech job creator, having added 57,634 more jobs than graduates between 2013 and 2018. This is greater than the San Francisco Bay Area and Seattle. Vancouver is fifth for the pace of job creation and added 11,160 more tech talent jobs than graduates over the past five years.
“Canada’s 832,900 tech workers, 5.3% of the nation’s total workforce, have an outsize impact on real estate markets and the broader economy,” noted Morassutti. “Tech talent workers are fueling innovation and adapting technology within the non-traditional sectors to increase productivity and strengthen the Canadian economy.”
55 Mercer Condos sits in the heart of Toronto’s booming tech sector and is poised to remain a high-demand residence for those seeking to live and play where they work.
View the full report here. To view individual market statistics and ranking, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.