Toronto: Canada’s Economic Engine with Great Cosmopolitan Flair

City Profile

Map of Canada with the city of Toronto pinpointed.

Toronto is the capital city of the province of Ontario, Canada
Largest city in Canada
Population: 6 million

  • 3rd largest stock exchange in North America (Toronto Stock Exchange)
  • Diverse, multicultural talent pool, with 50% of the population foreign-born
  • Safest metropolitan area in North America

Key Advantages

  • 4th largest city in North America, within a 90-minute flight from major U.S. cities
  • One-quarter of Canada’s population lives in the Greater Toronto Area (GTA)
  • Toronto’s GDP tops $314.6 billion in addition to unparalleled cost advantages
  • Toronto-based businesses export over $70 billion in goods and services annually
  • Over 196,000 businesses, that have access to a highly skilled, multilingual workforce
  • Five of the largest Canadian banks have their headquarters in Toronto, near Canada’s busiest stock exchange
  • Toronto is located within a 90 minute drive of the United States

Sector Strengths

  • Financial Services

    Toronto is home to one of the largest financial services talent concentrations in the Americas, employing 230,000 people across the region. This represents 64% of Ontario’s and 31% of Canada’s financial services sector employment. The Toronto region is home to the headquarters of the 5 major Canadian banks, which rank among the 50 largest globally; the top 5 public sector pension funds; 2 of the largest 10 global life insurers; 7 of the 10 largest global hedge fund administrators; and 9 of Canada’s top 10 mutual fund companies.
  • Technology

    Toronto is Canada’s largest technology hub and the third largest in North America, employing over 200,000 people in over 13,000 companies. The Toronto region is home to industry-leading fortune 500 companies, world-renowned universities and colleges, and local enterprises that range from start-ups to multi-national firms. These organizations drive innovation both at home and in global markets. Sub-sectors include gaming, digital media, enterprise software, data centres, mobile applications, hardware manufacturing, and telecommunications.
  • Life Sciences

    Toronto is a rare global location where leading-edge medical research converges with international business expertise and advanced manufacturing capabilities. Over 50% of Canada’s life sciences companies are located in the Toronto region, and the Toronto biotech cluster is the largest in Canada. Toronto’s life sciences sector employs over 160,000 people in more than 800 companies.
  • Clean-tech and Renewable Energy

    Toronto is a dynamic hub of activity in the renewable energy and clean-tech sector. More than 36,000 employees in over 1,700 companies provide renewable energy and clean-tech products and services across a wide range of sub-sectors, including: smart grid, electric vehicles, green buildings, clean air/water technology, solar and wind power, and waste technology.
  • Food and Beverage

    Toronto’s food and beverage cluster is the second largest – and fastest growing – in North America, and 75% of all agricultural products grown on farms outside the region are processed locally. With over 60,000 employees, more individuals in the Toronto region work in food and beverage processing than anywhere else in Canada.

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