CBRE’s latest Scoring Tech Talent report for 2023 reveals that Toronto and Montréal have experienced significant growth in tech job opportunities within Canada over the past five years. The report, released by American commercial real-estate firm CBRE, analyzes labor market conditions, cost, and quality for highly skilled tech workers in North America.
Key Findings:
Tech Job Growth in Toronto and Montréal: In the five-year period from 2017 to 2022, Toronto added 63,800 tech jobs, while Montréal added 51,500, indicating a robust expansion of the tech industry in these cities.
Highest Tech Job Growth Rates: Canadian cities dominated the list of highest tech job growth rates, with Vancouver leading at 69%, followed by Calgary (61%), the Waterloo region (52%), and Edmonton (45%), tying with Madison, Wisconsin.
Continued Demand for Tech Talent: Despite economic challenges in the last two years, demand for tech talent has continued to rise, especially in sectors like finance, insurance, and real estate.
Influx of Tech Workers to Canada: According to a separate report from the Technology Councils of North America and Canada’s Tech Network, over 32,000 tech workers migrated to Canada in the last year. The country is seen as increasingly benefiting from investments by American tech companies expanding or relocating to Canada.
Tech Talent Concentration in Canada: CBRE’s report indicates that Canada’s tech talent concentration competes favorably with the United States. Canada’s tech talent workforce grew by 15.7%, or 150,000 people, since 2020, outpacing the 11.4% growth in the United States.
Emerging Tech Hubs in Canada: Three of the top five North American cities with the highest tech talent concentration are located in Canada: Ottawa, Waterloo, and Toronto. Ottawa’s tech talent makes up 13.3% of total employment, slightly higher than the 11.6% concentration in the San Francisco Bay Area.
Top Tech Talent Markets in Canada: Ottawa, Waterloo, and Toronto rank among the top five most concentrated tech markets in North America, showcasing the emergence of Canada as a key player in the global tech landscape.
Tech Talent Concentration Comparison:
City
Tech Talent Concentration
Population
Ottawa
13.3%
1 million
San Francisco
11.6%
7.5 million
Waterloo
10.1%
N/A
Toronto
9.5%
N/A
Seattle
9.5%
N/A
Top Canadian Cities in Tech-Talent Markets:
City
Tech Talent Workforce
Tech Industry (%)
FIRE Industries (%)
Vancouver
111,100
53.9
N/A
Toronto
285,700
43.2
20.0
Waterloo
N/A
N/A
N/A
Ottawa
N/A
N/A
N/A
Montreal
N/A
N/A
N/A
Conclusion:
The CBRE Scoring Tech Talent report underscores the remarkable growth of the tech industry in Canada, particularly in Toronto and Montréal. The consistent increase in tech jobs over the past five years, even during challenging economic times, reflects the resilience and attractiveness of these cities for highly skilled tech workers.
Canadian cities have not only outpaced some of their American counterparts in tech talent concentration but have also seen substantial growth rates. The influx of tech workers, coupled with investments from major tech companies, positions Canada as a key player in the global tech landscape.
Prediction:
Looking ahead, the trend of Canada emerging as a significant tech hub is expected to continue. The country’s favorable immigration policies for tech talent, coupled with supportive initiatives and investments, are likely to drive further growth. Toronto, Montréal, and other tech-centric cities are anticipated to witness sustained expansion, making them go-to destinations for tech professionals globally.
As technology continues to play a crucial role in various industries, the demand for skilled tech workers is expected to rise. Canadian cities, with their vibrant tech ecosystems, are well-positioned to capitalize on this trend, further solidifying their status as leading tech hubs in North America. The tech industry’s positive impact on employment, innovation, and economic growth is poised to contribute significantly to Canada’s overall development in the coming years.
