Toronto has created more tech jobs than San Francisco Bay Area in a five year period, becoming the fourth biggest market for talent in North America.
The Canadian city added 82,100 tech-related jobs between 2012 and 2017, around 4,270 more jobs than SF Bay Area during the same period, according to the latest scorecard released by research firm CBRE.
In 2017 alone, Toronto added 28,900 tech jobs, representing an increase of 13.6% over the previous year, and making it the fastest growing tech market in North America for the second year in a row.
Considering CBRE’s previous report, 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.
The CBRE Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for tech job growth, and market outlook for both office and apartment rent cost growth.
Canada’s programs, such as Global Skills Strategy and its Global Talent Stream, are also contributing greatly to the increase of international hires.
While the US’s protectionist policies and higher cost of living seem to be hurting the Bay Area’s prospects, the Canadian government’s continued effort to lure foreign talent is certainly favoring Toronto.