The Toronto-Waterloo corridor has been recognized as a ‘tech talent powerhouse’ according to a recent report by CBRE, a prominent commercial real estate firm. The corridor is home to an impressive 300,000 to 500,000 tech workers, placing it on par with tech hubs like New York, Paris, and London.
The increasing demand for skilled tech workers is being driven by advancements in new technologies such as artificial intelligence. This surge in demand has led to a situation where employers are now actively seeking out untapped talent pools in various markets.
Colin Yasukochi, the executive director of CBRE’s Tech Insights Center, highlighted the high demand for tech talent, stating that businesses are constantly looking for innovative ways to leverage technology for growth and transformation. Employers are expanding their search to different markets in pursuit of skilled tech talent, cost-effectiveness, and growth opportunities.
In 2023, the average total compensation in the Toronto-Waterloo corridor was reported to be around $100,272 USD, which is relatively competitive compared to global tech hubs. The average apartment rent in the corridor is also considerably lower at $1,127 USD compared to cities like New York, San Francisco Bay Area, Boston, and Seattle.
The CBRE report sheds light on the dynamic tech landscape in the Toronto-Waterloo corridor, underscoring its status as a prime destination for tech talent. With the continuous growth of the tech sector and the increasing demand for skilled workers, the corridor is poised to solidify its position as a key player in the global tech industry.
