Canada’s largest business hub is the City of Toronto. Key industries in Toronto include media outlets, financial institutions, and internationally renowned businesses. Despite Toronto’s diverse economy, certain sectors find the city particularly appealing. We’ll take a closer look at some of Toronto’s biggest industries and explain why the city is a great place to do business in these sectors in this article.

In 2023, The Largest Industries in Toronto

Finance

Toronto is the largest financial center in Canada and has the second largest financial industry in North America. Toronto is home to the headquarters of numerous of the largest banks in Canada, including Scotiabank, Royal Bank of Canada, Bank of Montreal, and Canadian Imperial Bank of Commerce (CIBC).

This position is well-deserved. Toronto is a desirable location for people who work in financial services because it consistently ranks among the world’s safest banking systems. As one of the most important industries in Toronto in 2023, the financial sector will continue its steady expansion, attracting foreign investors and making significant contributions to the Canadian economy.

Real Estate

After finance, Toronto’s construction, rental, and housing markets are the largest. Given that Toronto has the highest population of any city in Canada, this is not surprising. Additionally, Toronto is home to the largest real estate agencies in Canada, which provides realtors with numerous opportunities. Furthermore, Toronto’s large student population contributes to an even greater demand for rented housing.

Technology

Information and communications technology is yet another prominent Toronto industry. The fastest-growing tech sector in North America is Toronto’s tech sector, which has created more jobs than Seattle, Washington, DC, and the San Francisco Bay Area combined. Ubisoft, Zynga, and Gameloft are just a few of the major developers of digital media and video games that are based in Toronto.

Media and Entertainment

Toronto is known as “Hollywood North” because it has the largest broadcasting, film, and television industry in Canada. Due to Canada’s lower production costs, a lot of international film companies also choose to shoot in Toronto. Filmmaking in the Greater Toronto Area contributed $12.2 billion to Canada’s GDP in 2020 alone. This is primarily due to the city’s strong support for the entertainment sector. For creative professionals of all levels, Toronto provides strong networking opportunities and tax credits. In addition, the Toronto International Film Festival has established a worldwide reputation for both independent and big-budget screenings.

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