Exciting times for Toronto technology sector

Technology workers looking for a new career abroad may want to keep an eye on the Canadian city of Toronto.

The country’s largest city is currently experiencing something of tech boom, with 28,900 new tech jobs created in Toronto over the past year or so. What’s more, some of the world’s most instantly recognisable technology companies are setting up base in the city, including Microsoft, Uber, Shopify, Airbnb, and Google Sidewalk Labs.

This is an outcome which is likely to create a huge number of new tech-based jobs in Toronto,

The city’s tech industry is already ranked number two in North America, behind San Francisco, while the financial sector is ranked third in the continent.

And with the city’s transportation being improved to make it more accessible to all, these are certainly exciting times for the city.

They are also times that some experts believe will spark a new boom in the city’s property market – particularly the condominium sector.

“Toronto is the eighth-most liveable city and our job sector is going to grow, as well, in the next few years,” explains Ron Sally, owner of REMAX Millennium Real Estate. Toronto’s condo market is undervalued, so whoever can get a piece of Toronto real estate should do it while it’s still available.

“Downtown on King St, condos are selling for CDN$1,500 to CDN$1,600 per square foot; Pemberton is also selling one at CDN$1,200 per square foot,” continues Sally. “Things are slowly changing and those who see the big jump coming in the next two or three years understand it’s the same jump we had in 2014 and 2016. We have one million immigrants entering Canada in the next three years.”

Indeed, between 2014 and 2016, rapidly rising property prices in Toronto – along with Vancouver – were largely responsible for helping national property price growth in Canada. While this growth has slowed dramatically in the past 18 months, it seems that the city’s burgeoning technology sector could propel growth once again.

Article published 31st October 2018