Toronto’s technology talent pool is growing like never before, according to the latest index by CBRE, a US professional real estate firm.
The study has found that the Canadian city now ranks as North America’s fourth largest tech talent market, with over 212,000 workers, an increase of 32% over the past five years.
The city added 22,500 tech jobs between 2015 and 2016, more jobs than New York and San Francisco Bay area combined. A growing population of millennials has been a major contributor to this growth, which has been a major draw for multinationals setting up shop in Ontario.
“Toronto is becoming a leader in producing a world-class tech talent, particularly in the artificial intelligence field,” commented Werner Dietl, executive vice president and GTA regional managing director of CBRE Canada.
The report also found that Toronto is the second-cheapest market in North America for tech firms to run operations. The estimated cost of running a 500-person company in Toronto, taking into consideration both talent and real estate costs, totaled US$25.9 million, far lower than the cheapest US market of Oklahoma City at US$33.9 million.
“Toronto remains comparatively cheap for both talent and real estate costs when compared to major markets such as New York, San Francisco and Boston,” Dietl added.