Toronto is a vibrant, forward-thinking city that is the most populous in Canada, and the 4th most populous in North America, with around 2.8 million residents. Sitting at the heart of the Greater Toronto Area, it is within easy reach of close to 10 million people in one of the best performing regional economies on the continent.
Averaging annual growth of 2.9% per annum since 2009, the diverse economy includes major financial institutions, rapidly growing movie and entertainment businesses and technology companies. That equated to a GDP rise for the city from 282 billion dollars in 2009 to 430 billion dollars in 2020.
With leading international brands continually choosing Toronto for their regional offices, it is clear Toronto has everything that any business needs. But here is why Toronto is right for your business too, and some of the best ways to enjoy your time in this great city.
Economic diversity of Toronto
Toronto contributes 20% of the entire Canadian GDP, and with institutions like Bay Street, home to the 7th largest stock exchange by market capitalization in the world, has been an economic powerhouse for the country throughput its history.
But Toronto has never stood still, and the local economy reflects this, embracing new ideas and pushing boundaries to stay at the cutting edge of industries of all kinds. The financial industry is a major contributor, however there is a diverse range of businesses contributing to growth. Toronto has become a major film production center, known as Hollywood North.
Toronto itself, its skyline and impressive landmark buildings make it an eye-catching location for filming, and the city has become the 4th largest exporter of TV programming in North America.
In addition, technology plays a vital role in the city’s economy, contributing around $60 billion a year and employing over 150,000 people. This includes one of the largest numbers of tech startups in the world, earning the city a reputation for excellence in its support of new projects, including incubator and accelerator programs dedicated to helping new businesses succeed.
In tandem with technology, the health sector has an impressive presence in the region.
Tourism continues to be a significant part of the economy too, with around 50 million visitors a year travelling to the city, and the range of businesses offering hospitality and other support services continues to grow.
The other major contributor is construction, with a number of leading property development and property management companies headquartered in the city as well as construction, engineering and associated businesses. Whatever your business does, there is a market for it in Toronto.
Cultural Diversity
A key to business success has always been having the right people to make it a success. Today, finding talent means looking at a global market. Toronto has an incredibly diverse population, with immigrants making up 46% of the total.
With sizable communities from the Philippines, China, India, United Kingdom, Portugal, Italy, Hong Kong and more, it has become a hub of global talent with the skills modern business needs.
That also means there are markets for any product or service, creating more opportunities for new businesses and a growing market always looking for something new. As a melting pot for new ideas, different cultures and views, Toronto is also one of the safest cities in Canada, and provides a stable, predictable place to build a business in.
For startups and those looking to move to the area, Toronto also has another advantage.
It is consistently rated as one of the best cities in the world to live, and that makes recruitment easier.
For specialized skills you may need to look further than the local region for recruitment, and the challenge here is often more about whether the top talent is willing to relocate, but with its high standard of living, safe and stable reputation and many attractions, life in Toronto can be a persuasive argument to help you bring the best talent to your business.
Popular business districts in Toronto
Toronto is also a well-designed city with excellent travel and communications across the region, while some areas of interest for businesses include:
The Financial District
With Bay Street at its heart, the financial district is home to the Toronto Stock exchange (TSX) along with Canada’s five major banks, The Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal and Canadian Imperial Bank of Commerce.
The most densely built area of the city, right in its center in Downtown Toronto, around 100,000 people commute into the financial district every day.
The Tech Hub
Known as the Discovery District, the tech hub covers around 2.5 km2 of the downtown area of the city, and is home to some of the most recognizable tech brands on the planet. Alphabet, Apple, Microsoft and Amazon all have offices here, along with industry disrupters including Klarna, Stripe and social media giant Pinterest.
Hollywood North
The go-to location for filming in Canada for half a century or more, the movie and TV industry in Toronto includes Pinewood Studios, Nelvana, Alliance Atlantis and most of Canada’s major TV stations, such as CBS, CTV, YTV and Global Television Network.
Great Places to Visit in Toronto
If you are visiting Toronto for business or pleasure, there are some things you must see, this is our pick of the top 5.
Ripley’s Aquarium
Easy to get to in downtown Toronto, this is a wonderful experience that takes you through tunnels surrounded by water, letting you get a view of the rare fish, sharks and more in their natural habitat. It’s a way to see water life in a new way, and is something you won’t forget.
Kensington Market
Distill everything great about Toronto, its diverse community and relaxed, safe vibe, and you get Kensington Market. Head North from Coronation Park, its just a little way out, and you will find an eclectic collection of bars, cafes, boutique stores and more. If you want to feel the Toronto way of living, spend a day in Kensington Market.
CN Tower
What is it about being high up? The view of the city is spectacular from the top of this 553-metre-high tower overlooking the marina. Over 2 million people a year take a trip to the top to get a unique perspective on Toronto. There is a great restaurant here too, and for the brave, the Edgewalk takes you outside the building 116 stories up, with just a harness to keep you safe.
Royal Ontario Museum
A fantastic museum and world class architecture all in one, the ROM has something for everyone. A spectacular building that houses a host of incredible collections, including a dinosaur room and more. A constant rotation of exhibits means there is always something new to enjoy.
Distillery District
A real change of pace, the distillery district is pedestrian only, and takes you on a journey through time, taking in food, transport, brewing of course, and lots more. With over 40 different buildings and plenty of events too, it’s a great place to get away from the hustle and bustle of city life and take a breather.
Should You Make the Move?
When Fari Hara were looking for somewhere to call home, Toronto stood out as the place to be. From the strong economy and diverse community to the relatively affordable costs for a major city, Toronto had everything, and this has proved to be the case ever since. In tandem with the Calgary branch, serving the greater Toronto area has been an incredible opportunity, one that is only growing along with the city itself.
Fari Hara custom clothing brand in Toronto & Calgary, that helps modern men bring their individual style to life, down to the smallest detail, helping them show up for life in style. We infuse joy into dressing well.
