Recent moves by U.S. technology giants Meta, Google and Amazon to significantly beef up their presence and staffing levels in Canada have cemented its status as a growing hub for technology talent, CBC News reported.
In late March, Meta (formerly known as Facebook) announced plans to hire up to 2,500 people in Toronto and other parts of Canada, while Google says it’s looking to triple its workforce here. Meanwhile, Amazon plans to hire for some 600 tech jobs.
Though it may be hard to believe, there are more tech workers in Toronto than in Seattle, which is home to Amazon and Microsoft.
Not that long ago, lower salaries would have been a significant selling point for a U.S. tech company looking to establish a beachhead in Canada. But the pandemic changed some things, as the shift toward virtual offices allowed Canadian companies to attract talent worldwide. It also levelled up the salaries and the opportunity for Canadian talent to go and work for other companies.
Canadian tech companies aren’t just attracting the attention of tech giants like Google, Meta and Microsoft when it comes to hiring; they’re also attracting U.S. investment dollars.
Canada’s HiMama recently secured $70 million in funding from Boston-based private equity firm Bain Capital — a sign of just how Canada’s tech ecosystem has become on the radar.
“There’s a lot of interest from investors outside of Canada in Canadian companies because of the talent and the quality of the startups,” said Craig Leonard, a partner with venture capital fund Graphite Ventures. But also, they are relatively less expensive at times than some of the companies that would be built in, in some of the other ecosystems like in the United States.
According to a recent report from commercial real estate firm CBRE, Toronto is the third-largest technology hub in North America. Ottawa and Vancouver also rank in the top dozen, well ahead of places like Austin, Texas, Portland, Ore., and Chicago.