Toronto is the financial and cultural capital of Canada, a bustling metropolis and fourth largest North American home to millions of people . Often dubbed the most multicultural city in the world , it turns out that Toronto industries are almost as varied as its people.
The top industries in Toronto generated cumulatively well over $1 trillion in revenue so far in 2022 . In other words, these are big players on the global markets. Home to shopping centres, the University of Toronto, only a couple hours drive from the United States, and sat on one of the largest lakes in the world with Lake Ontario, Toronto is a very impressive city home to many impressive industries.
Let’s take a deeper dive into the Toronto top industries and learn more about them.
The Biggest Industries in Toronto
This list is by no means exhaustive, but will cover many of the top industries that call Hogtown their home.
Financial Services Sector
As you’d imagine, being the financial hub of the country naturally places many of the largest banks in Toronto, alongside the Toronto Stock Exchange (the TSX – the largest exchange in all of Canada). Many even consider Toronto’s banking industry to be among the safest in the world due to the sound regulatory laws in place and the overall respect for Canadian good governance (all the politeness pays off!). All of the Big Five banks of Canada chose the Toronto area to house their headquarters:
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD)
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
This makes Toronto the largest financial centre in Canada by a wide margin. While this is certainly impressive, not all notoriety is always positive. The banking sector, especially as it consolidates and the major players gather more and more assets under their management, has become a target for cybercriminals. The average data breach, for instance, costs a financial institution on average about $6 million USD. And that’s a single breach . That means that it is critical now more than ever that financial institutions have the proper IT services in place to protect their data and network.
Toronto is consistently ranked as one of the most expensive cities to live in – and a lot of that cost goes to rent. And if rent is high, that means (more often than not) high demand, and high demand means a booming real estate industry. Real estate is big business in Toronto, in other words. Renting, selling, and buying – space is always being sold in the city.
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But, much like with the banking sector, real estate involves large sums of money changing hands. A breach into a realtor’s network, for instance, could grant unwanted access to some of this money, which highlights again the need for rigorous cybersecurity defences.
Much of the wholesale trade industry of Canada runs through Toronto. In fact, the city is home to 60% of all large wholesale companies in Canada. This involves the sale of goods to retailers, mostly, professional users, and other wholesalers or intermediaries. This makes it a major hub among Canadian cities for trade (and North America more broadly).
There’s a lot that goes into the wholesale trading industry: logistics, commerce, marketing, manufacturing, engineering, etc. All these components of the industry need to work in tandem in order to facilitate the highest possible efficiency and profitability. But managing all these systems can be difficult, especially on the tech side. A professional managed IT service provider will be able to offload your tech management burden, introducing automation techniques, efficiencies, and eliminating redundancies to create a learner, faster, and more reliable business process.
Insurance companies – and more specifically life insurance and annuities – comprise a large part of the Toronto economy. With billions in revenue each year, these major companies provide financial security and reassurance to people across Toronto and Canada.
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But with such valuable data being handled, these companies absolutely must have ironclad cybersecurity. Otherwise, precious medical data/information could be exposed to illegitimate third parties. The consequence of course being massive reputational damage and potentially major repercussions to insurance purchasers.
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Featured Photo courtesy of Unsplash: https://unsplash.com/photos/qlKaN7eqay8