Toronto’s Tech Boom Is Transforming the City
Toronto is recognized as the most populous city in Canada and has been seen as a center of commerce in Canada. The city sees a steady increase of immigrants every year and the diversity in the city is turning out to be its greatest strength. A report on the Globe and Mail confirms that the city’s recent tech boom has gone a long way to transform it.
The city started taking great strides since the 19th century when it first became a major destination for immigrants. It bustled with notable activities; like the construction of long-distance railway lines among others. The rapid rate of commercial activities led to the industrialization of the city. The city has twice been proclaimed the capital of the former province of Canada before the Canadian federation.
Each phase of the city’s growth has led to what it is today and now that technology is changing the city, certainly, a new phase of development is underway.
Several international tech companies moving into the vibrant city, Toronto is experiencing a very significant Tech boom. Tech giants like Google, Microsoft, and Twitter are some of the few firms that would soon become commonplace in Toronto and as such expansion always works it would come with a lot of job opportunities for thousands, improving the city’s economy, to say the least.
CBRE has already proclaimed Toronto the fastest growing tech market in North America with a whopping 80,000 plus tech jobs added in the last five years and counting. These wonderful numbers are only the beginning of the positive changes for the city, it will gain more tech talent and tech jobs. Recent data and reports already claim that Toronto will be responsible for the most technology jobs surpassing Silicon Valley in the coming year.
BMO Capital previously reported that Toronto already has 241,000 technology industry jobs and a healthy influx of venture capitalists, meaning the numbers will continue to go up.
The tech boom is an indicator that a new phase of transformation is underway. Toronto’s rate of growth seems to be unmatched right now, CBRE's reports state that the effect of the tech sector is now powering the overall economy as its total job market is now more saturated with tech jobs only behind San Francisco.
Another positive effect of the tech boom will be the brain gain the city will need to fill up the newly created 80,000 plus jobs that are available. The city as a whole only produced some 22,466 tech-related degrees. Highly skilled and experienced workers will be migrating to the city, increasing its labour, workforce and overall human capital.
Most of the human capital that will form the city's tech pool will be formed from a set of diverse young adults with different educational backgrounds, which will make it possible for new job seekers to gain entry into the tech space. Plus, costs are still low and wages are on the rise. It is a win-win for Toronto.
All of this improvement will be good for the city and its people, there will be new infrastructure, new homes, open spaces, parks, hubs and more spots for its indigenes and immigrants to live, work and collaborate. It is safe to say that the current tech transformation will outlive any problems the city is currently facing.