Toronto's Tech Talent
Toronto is booming these days, and while it’s easy to look up at the skyscrapers as we head to work and watch the changes in our streets, it’s actually outside our fair city that many of these changes are coming from.
Toronto has been spotlighted as being a leader in the technology industry going forward. While housing prices may be rising, they’re still considerably more affordable for the average young professional compared to Silicon Valley.
The downside? We also pay a bit less too. Wages for equally (or less) experienced tech talent were almost half here compared to the original Silicon Valley. With prices in real estate on a steady rise, securing homes for first time buyers can still be a challenge. Demand is outstripping supply and this unprecedented boon for the city highlights our need for affordable housing now more than ever.
However, observers predict that as more eyes turn towards Toronto, the more competitive salaries will become, hopefully providing some relief. One thing is for certain: all signs point to the tech rush not stopping any time soon.
The technology industry in the GTA has grown by more than 50% in the last five years, currently with roughly 241,000 in the field. Impressive, considering the lagging manufacturing sector. Our relatively open immigration policy is also helping attract fresh minds to us; notable in a time where the USA’s anti-immigration policy is making foreign talent think twice about settling in Silicon Valley, Seattle or D.C.
New talent is also being fostered locally by the University of Toronto and York University, who all have significant programs aimed at furthering many fields of research. Torontonian hubs of innovation include the Creative Destruction Lab, and the MaRS network which works with venture capital and employment in the fields of AI, stem-cell research, data science, cyber-security, and even blockchain.
Our agents speak from experience when they say they’re familiar with the tech boom phenomenon. Many of our transactions aim to assist workers moving from outside of the GTA to be closer to the action. Most are single professionals, looking to live in the entertainment district or near it; they’re looking for the “full Toronto experience”. Walking distance to both their work and any available play is ideal.
The King Condo project is a project aiming for this exact demographic: a unique architectural design looking to create its own glass valley in the heart of Toronto’s tech district at King and Spadina. Its artistic and visionary design blending the modern and organic is sure to draw the eye of creatives all across the country.
We hope Toronto will continue to forge to the forefront of emerging industries, and that policy will keep pace in step to provide the resources our young talent needs to truly shine. One thing is for sure: we certainly have plenty of that.