New California: Toronto’s Tech Sector Catches Up with Silicon Valley

TorontoThe Toronto technology sector is on the rise and is currently ahead of similar large North American tech hubs, including Washington, D. C., New York, Austin, and Boston.

CBRE, an American commercial real estate services and investment firm, has released the Scoring Tech Talent report that shows that Toronto has become the third largest IT talents market in North America, following the San Francisco Bay Area and Seattle.

The number of tech specialists in Toronto has grown at the fastest rate among all 50 measured markets, adding over 80,000 jobs over the past 5 years — that accounts for 54%. The report also showed that the number of jobs created in the technology sector of Toronto almost equaled that of the San Francisco Bay Area.

According to CBRE analysts, “tech job growth has a multiplier effect in the economy and the influence of tech is re-shaping virtually every sector of real estate. Toronto, San Francisco, and Seattle are comfortably mentioned in the same sentence and are attracting the best in the industry.”

Average wages in Toronto’s tech sector:

CBRE calculates ratings using 13 unique indicators, including the number of talented tech specialists, job prospects for technology jobs and prospects for office and rental housing. Top cities — San Francisco, Seattle, and Toronto — scored 85, 74, and 70 points, respectively. Vancouver and Montreal rank 12th and 13th, and Ottawa is in 19th place.

Top 20 of CBRE Scoring Tech Talent 2019 ranking:

  1. San Francisco
  2. Seattle
  3. Toronto
  4. Washington, D. C.
  5. New York
  6. Austin
  7. Boston
  8. Denver
  9. Atlanta
  10. Raleigh–Durham, North Carolina
  11. Dallas–Fort Worth
  12. Vancouver
  13. Montreal
  14. Baltimore
  15. Salt Lake City
  16. Portland
  17. Minneapolis
  18. San Diego
  19. Ottawa
  20. Phoenix