Narayan AmmachchiToronto may soon give San Francisco Bay Area a run for its money – with reports suggesting that the Canadian City has created as many tech jobs as the Bay Area since 2013.
An “eye-popping 80,100 tech jobs were created” in Toronto in the past five years, says the 2019 tech talent scorecard from research firm CBRE, which has ranked the Canadian city as the third biggest market for tech talent in North America.
More interesting still, Toronto’s pool of tech talent was found to be growing at the fastest pace of all 50 markets measured as part of the study.
Other Canadian cities are not lagging behind either. Vancouver rose 13 spots to be ranked 12, which was the greatest year-over-year improvement of any North American market. Montreal and Ottawa were ranked 13 and 19 respectively.
“Toronto, San Francisco and Seattle are comfortably mentioned in the same sentence and are attracting the best in the industry,” says CBRE Canada Vice Chairman Paul Morassutti.
“Vancouver’s 42.6 percent growth in tech jobs over the past five years puts it among the leading markets on the continent.”
The rising competition for talent and ‘affordability concerns’ are pushing many companies into smaller Canadian cities such as Hamilton and Waterloo, both have been described as ‘opportunity markets’ by the research firm.
“Opportunity markets offer quality labor pools and affordability that supports rapid scalability,” Morassutti said. “These markets can be ideal for small-scale operations, startups and tech jobs with non-tech employers like banks, media, and services firms.”
The CBRE Scorecard is 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.
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