Last week Google announced that they will open a 400,000 square feet office in Toronto, and this time the office will be located on 65 King St E. Toronto is now one of the top 3 technology hubs in North America. First is San Francisco, followed by Seattle then Toronto. One might be wondering why so many companies are expanding and planning investment into Toronto. I will list the top reasons why I believe all these companies are investing in Toronto. First, we have a very attractive immigration policy. Between 2018 and 2019, we have attracted 616,910 immigrants to Canada. Approximately 50% of these immigrants come to Toronto!
In 2016 Toronto had an Immigrant population of over1.2 million
Second of all, we create a lot of talent. This is due to the numerous top universities we have in Canada. For example, the University of Toronto is ranked in the top ’20s for World University Ranking, thus explaining the pull of new Canadians to Toronto. In addition to this, the cost of top education in Canada can be more affordable compared to obtaining top education in the US.
Lastly, when considering our wages, our standard of living is relatively low compared to the USA. For example, the USA is ranked number 1 for the most expensive health care per capita sitting at a whopping $8,233. Canada ranks 6th worldwide and is over $3,700 cheaper than the United States health care per capita.
Therefore, if you were a startup company it would only make sense to set up an office in Toronto as well. This increase in jobs results in an increase in competition in housing prices. For condo investors, this is great news!