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Friday, April 26, 2013

Toronto’s Economy is On a Roll!

Toronto Office Space
Investors are always looking for the next big thing, the next investment where they can safely put their savings and see them grow. And for those that decided to invest in Toronto a few years ago, today they are celebrating. 

With employment reaching a record high, oil price is strengthening, stock prices going up and real estate prices on the rise, the city is living one of its best moments. 

According to the latest Economic Dashboard report presented to the City's Economic Development Committee on April 22, 2013, Toronto is showing its highest total employment number since 1990. The report states that 1,331,600 people were employed in full-time and part-time positions in the city in 2012. This had not been seen in the last 22 years. 

Most of the new jobs that were created were around the downtown and nearby areas such as North York, Etobicoke, Civic Centre and Scarborough. Although the employment increase was throughout the city as all 22 districts had positive numbers, these 4 districts mentioned had the biggest growth. 

This of course increased the rental prices of condos and offices in Toronto’s downtown area, as people want to live close to where they work to avoid long commutes. Most of the increase was felt in office jobs , which accounted for 72% of the increase in 2012. No wonder why it was once named “The city that works” 

Not only was employment rate positive, but one of Canada’s most important industries which is oil, has seen a positive behavior as oil prices went up since July last year, reaching a peak in February of this year. 

Being such a diverse city, with many different companies and industries established in the city, oil might have been one of the reasons for some companies in Toronto to hire more people, but it certainly wasn’t the only one. A proof is production and film industry which increased 5.9% over the previous year, representing $1.2 billion for the city. 

It’s no mystery why many North American companies have decided to expand horizons and look North, looking a way to enter this attractive market that offers plenty of opportunities. Don’t wait for someone to tell you how they succeeded in the Canadian Market, schedule a business trip, find opportunities and when you’re ready give us a call and we’ll help you find a space for your company in Toronto’s top locations. 

Visit OfficeList Canada for more information.

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