In a competitive global tech landscape, it is no secret that the biggest asset for international companies is highly skilled AI talent. CBRE’s latest Scoring Tech Talent report names Toronto as a leader in AI-specialty talent, with the largest pool of AI talent in Canada.
CBRE Rankings
Toronto has the highest concentration of AI-specialty talent in Canada, with 11,700 tech workers with key AI skills. Toronto’s AI talent pool is nearly twice as large as those of other tech markets like Vancouver, Montreal, and Austin. The most sought-after AI tech talent are AI software and hardware developers. As of 2023, there were 101,900 software developers and programmers employed in Toronto.
Over the past five years, Toronto has witnessed the highest job gains among all tech markets in the Americas with a remarkable 44 per cent growth in its tech talent pool, adding 95,900 new jobs in the past five years. This surge has been driven by the increasing demand for AI skill sets across various industries.
Ranking sixth overall in North America, Toronto’s tech ecosystem has seen a massive spike fueled by a collaborative AI network, government funding, and growth of skilled graduates. These factors have created a hotbed for the development of skilled AI workers.
Versatility of AI Talent
Most of Toronto’s AI talent is employed within the tech industry. However, Toronto’s distribution of AI talent across various sectors mirrors the city’s economic diversity and dominance in ranging industries, namely business and finance.
Over 15 per cent of Toronto’s AI talent is concentrated in the finance sector, matching the trends of major financial hubs like New York with 22.2per cent and Chicago with 20.2per cent. Similarly, 22.5 per cent of AI talent work in professional services and 16.2 per cent in non-tech industries.
With a significant number of AI jobs being created in non-tech industries, AI is becoming integral to sectors like banking, law, and insurance. This trend underscores the versatility of AI applications and the growing demand for AI talent in different fields. Toronto’s workforce is well-positioned to respond to AI adoption across all sectors. In addition, Canada leads the world in terms of bringing more women into AI roles, achieving the highest year over year percentage change in female AI talent globally since 2019, including 67per cent in 2022 alone (Deloitte 2023).
According to CBRE’s Scoring Tech Talent report the most impactful indicators for any market’s potential growth of AI-specialty talent are the presence of universities with established AI education programs, major technology companies developing AI and available venture capital funding. The Toronto region checks all the boxes with an ecosystem that supports the future growth of AI talent.
Global companies like Sanofi, Unilever, Samsung, and Recursion have opened AI hubs in Toronto, highlighting the region’s significant AI growth. Toronto has the highest concentration of AI startups in Canada, hosting the headquarters of over 454 AI startups. VC funding in AI companies continues on an upward trajectory. In 2023, AI companies in Ontario raised $1.16 billion the highest number across Canada.
The region’s education and research play a key role in the development of AI talent. The presence of world-class educational institutions, such as the University of Toronto and the Vector Institute, play a crucial role in nurturing this talent. The University of Toronto ranks ninth globally in AI research. These institutions not only provide rigorous AI education but also foster an environment conducive to innovation and collaboration, making Toronto an attractive destination for tech professionals.
The Toronto Region continues to build a strong pipeline that supports its high-quality talent pool. Since 2022, over 7,900 students have graduated with degrees in computer engineering, math, statistics, and other tech engineering. For the same year, Toronto had more degree completions than major tech hubs like Seattle and Austin.
In Toronto, the programs with the most graduate growth between 2017 and 2022 were Computer Engineering with a 68 per cent increase in degree completions; and Math & Statistics, with an increase of 92 per cent. These numbers outperform the top three tech markets (New York, Seattle and San Francisco) that have experienced decreases in degree completions in the past 5 years.
Toronto stands out as a prime destination for the world’s most ambitious AI talent. The city’s robust growth, demographic shifts, sector diversity, and commitment to inclusivity create fertile ground for innovation and success in the tech industry.