What to know
- Toronto ranked third for tech sector workers in 2025, with more than 358,000 employees in the field, placing the city just behind New York and the San Francisco Bay Area.
- The city added about 75,000 tech workers, the most of any of the 50 markets studied, and grew its tech workforce by 26.5 per cent since 2022.
- The Waterloo Region had about 41,900 tech workers in 2025, growing about 37.4 per cent since 2022.
- Tech workers make up 12.2 per cent of Waterloo’s workforce, compared with 11.3 per cent in Toronto, and Waterloo ranked first for having the highest concentration of tech workers in their 20s.
Surpassing most of its U.S. neighbours, the Toronto and Waterloo sectors have climbed the ranks to take some of North America’s top tech spots.
In a report, the two Canadian cities rank high in multiple tech-related studies, including for their stances in both large and small tech markets.
Commercial Real Estate Services (CBRE) releases its annual Scoring Tech Talent report, comparing the top 50 tech markets in the U.S. and Canada, based on labour market conditions, cost, and quality.
Toronto standings
According to 2025 data, Toronto landed in third place when it came to the number of employees in the industry, with more than 358,000 workers in the field, only behind the San Francisco Bay Area with 375,730 and the New York Metro area with 394,300.
This placement was up from 2024, when the city was ranked fourth with 314,100 people working in the tech industry.
Overall, the city saw a 26.5 per cent increase in workers since 2022, with Toronto adding about 75,000 tech talent workers over the three years.
Employees in the tech field make up around 11.3 per cent of Toronto’s employment over all industries. This number is more than double the average across all the other markets in the report.
Toronto was also able to create the most jobs of the 50 markets, leading the ranking with 75,000 new tech positions compared with the year prior.
Toronto continues to grow year-over-year as a technology hub, continuing to attract employees and companies across software, artificial intelligence, finance, and other industries within the sector.
Waterloo Region
West of Toronto, Waterloo is taking smaller markets and transforming them in a big way.
The region topped the charts for smaller tech markets, with around 41,900 tech workers in 2025. Waterloo was able to grow 37.4 per cent from 2022, adding another 11,400 workers.
As a major Canadian technology hub, workers in the field make up more of Waterloo’s workforce than Toronto’s, with around 12.2 per cent of employees in the technology sector.
While Waterloo has a smaller workforce, technology workers represent a larger share of the employed population.
Despite having a smaller workforce, with Toronto outpacing Waterloo in numbers, the western city still excels in growth.
Their 37.4 per cent growth rate shows the region’s ability to overexcel among larger North American markets.
Additionally, Waterloo took the top spot for having the most concentrated market with employees in their 20s, giving new graduates a landing site straight out of post-secondary.
Both Waterloo and Toronto’s standing proves the two cities excel within Canada, and above many of their U.S. competitors.
