Ontario, Canada has long been regarded as a top destination for strategic business development and expansion. This is because of its surplus of qualified people, award-winning post-secondary institutions and innovation centres, and a government that promotes forward-thinking businesses in Canada. The CBRE Group’s 2021 Scoring IT Talent report highlights the competitive advantages that businesses and tech personnel enjoy, particularly in three major Ontario markets: Toronto, Ottawa, and the Waterloo Region.
In CBRE’s newest Scoring Tech Talent report, the annual assessment of 50 North American markets that best attract and nurture tech talent, Toronto takes the first position in Canada and fourth overall. Waterloo Region was ranked as the least expensive market in North America in its report debut and Ottawa rose four spots to 10th overall.
Toronto
Toronto, which has been designated as a global city of the future, has been acknowledged as a top tech talent market once again, outperforming other North American cities such as New York, Boston, and Los Angeles in terms of attracting and developing qualified individuals.
Canada’s largest metropolis was ranked the biggest “brain gain” market, with the highest number of new employment created (+54,862) during the last five years, and is ranked fourth overall.
Meanwhile, with a 42.8 % increase in total tech jobs from 2015 to 2020, Toronto ranked third among “major tech talent markets” (>50,000 persons) (outpacing its nearest competitors by more than 25 points).
Ottawa
“Smaller markets will gain from their cost advantages in labour and real estate, as well as the tech industry’s adoption of remote work for some personnel,” says Todd Husak, Managing Director of CBRE’s Tech & Media Practice Group.
Ottawa, a tech powerhouse, was ranked third in the “small tech talent market” category (50,000 people) and jumped four points to tenth overall. The city offers significant benefits for investment in tech and potential for future growth. The city has the largest concentration of IT jobs in North America (11.6% of all jobs) and a 69% rise in the talent pipeline between 2015 and 2019.
Waterloo region
Recognised as a market which supports fast-growing tech companies, 9.6% of all positions in the Waterloo Region are related to technology, and the market has seen a 47% increase in tech talent employment since 2015. Thus, there is no surprise that this region, which is home to cybersecurity unicorn Arctic Wolf and tech giant EPAM, has made its debut appearance on the CBRE ranking in 2021 in the 21st position out of 50 cities.
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