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The 2018 Jobs Outlook for Toronto

The 2018 Jobs Outlook for Toronto

Whether you’re a candidate looking for a new job in Toronto or a growing business in need of a recruitment agency, it’s important that your vision for the future is grounded in the realities facing your industry and the economy. Here we’ve gathered the most recent expectations for employment and hiring in Toronto through 2018:

In December 2017, Canada as a whole recorded its lowest unemployment rate in more than 40 years when it dropped to 5.7 percent. Ontario’s unemployment rate also hit record lows when it dipped from 6.4 percent in November 2017 to 5.5 percent in December 2017.1

Ontario saw 3 percent overall employment growth over 2017 with 176,000 more people employed at the end of the year than at the beginning. This was more than double the employment growth the province experienced in 2015 and 2016. Industries adding the most jobs were manufacturing, professional, scientific and technical services, and transportation and warehousing.2

Companies across Canada planned to expand investment and hiring in the near future, according to the Bank of Canada’s Winter Business Outlook released earlier this week. The optimistic hiring and investment outlook followed a dip reported by the bank last fall. The survey found hiring intentions were highest in the service sectors, and that all sectors are grappling with labor shortages.3

Toronto experienced a surge in financial services jobs between 2006 and 2016, according to a November 2017 report by the Conference Board of Canada. During the 10-year period, Toronto’s finance sector grew by 25 percent with the addition of 54,580 jobs. In comparison, New York City’s finance positions fell by 3.5 percent, and Chicago’s dropped by almost 11 percent.4

An analysis by CBRE, a real estate services and investment company, ranked Toronto sixth among the top 10 best tech job markets in North America. Tech companies are drawn to the city’s low cost of living and low cost of office space in comparison to the top three cities on the list—Silicon Valley (San Francisco Bay), Seattle, and New York City respectively. Toronto also boasts world-class universities and a robust tech talent pipeline.5      

Tech workers in the US are also looking north for jobs. A recent analysis by Indeed found spikes in searches by Americans for jobs in Canada immediately following the 2016 presidential election. The most significant job search increase was among tech workers, according to the Indeed analysis, and the bulk of those workers were seeking jobs in Ottawa and Toronto.6

In October, Toronto tossed its hat into the ring to become the home of Amazon’s second headquarters. The city is considered a longshot for the highly coveted new site. The e-commerce giant’s new headquarters are expected to cost more than $5 billion to build, and the company is expected to create 50,000 high-paying jobs.7

The soon-to-be tallest building in Canada is under construction in Toronto. The new building, dubbed ‘The One,’ will be 1,005 feet tall with 85 stories, and will include a hotel, condominiums, and a mix of retail and restaurants. The building rises as a slew of ‘supertall’ building proposals are under consideration for the city, including a large-scale development on the former site of The Toronto Star that would include a 95-story building, a new school, a community center, and affordable housing.8

Need assistance with your hiring in Toronto? Contact Hudson.


1 Vomiero, Jessica. "Here's a Province-by-Province Breakdown of Canada's Record-Low Unemployment Rates." Global News. Web. 5 Jan 2018.
2 Ibid.
3 "Companies More Optimistic, Looking to Hire and Invest More: Bank of Canada Poll." The Canadian Press. CBC News. Web. 8 Jan 2018.
4 Alexander, Doug. "Bay Street Gain vs Wall Street Pain: Toronto Adds Finance Jobs While New York Loses." Financial Post. Web. 23 Nov 2017.
5 Sandler, Rachel. "Two Surprise Cities are the New Top Markets for Tech Jobs." USA Today. Web. 18 July 2017.
6 Culbertson, Daniel. "Canada is Having a Tech Moment - and US Talent is Taking Notice." Indeed Hiring Lab. Web. 3 Oct 2017.
7 McGillivray, Kate. "Why Toronto Might Not Land Amazon HQ2, According to the Mayor." CBCNews. Web. 20 Oct 2017.
8 Chiasson, Ali. "City Mulls Plans for 3 'Supertall' Buildings in Downtown Core." CBC News. Web. 27 July 2017.

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