Toronto's technology sector now employs over 263,000 people. Its startups secured $5.5 billion in venture capital last year, underscoring the scale and momentum of the local ecosystem.
Key Takeaways
- Toronto hosts over 4,500 technology companies as of 2024.
- Shopify, a Toronto-based unicorn, has 10,000+ employees globally with HQ in city.
- There are 18 unicorn startups in Toronto's tech ecosystem in 202 4.
- Toronto tech contributes CAD 58B to GDP annually.
- Tech sector GDP growth: 8.2% YoY in 2023.
- Exports from Toronto tech firms: $25B in 2023.
- Toronto's technology sector employed 263,000 professionals in 2023, marking a 5% increase from 2022.
- The average salary for software developers in Toronto's tech industry is CAD 120,000 annually as of 2024.
- Women represent 28% of the tech workforce in Toronto, up from 25% in 2020.
- Toronto filed 2,500 tech patents in 2023.
- University of Toronto ranks #1 in Canada for AI research output.
- Vector Institute published 1,200 AI papers in 2023.
- Toronto tech startups raised $5.5B in VC in 2023.
- Q1 2024 VC deals in Toronto tech: 85 totaling $1.2B.
- AI startups in Toronto secured $2.8B in 2023 funding.
Toronto’s booming tech ecosystem counts thousands of companies, $25B in exports, and $5.5B in VC.
Related reading
01 · Category
Companies and Startups28 stats
01
Toronto hosts over 4,500 technology companies as of 2024.
02
Shopify, a Toronto-based unicorn, has 10,000+ employees globally with HQ in city.
03
There are 18 unicorn startups in Toronto's tech ecosystem in 202 4.
04
Fintech firms number 450 in Toronto, leading Canada.
05
1,200 AI startups operate in Greater Toronto Area.
06
MaRS Discovery District supports 1,300+ tech companies.
07
Healthtech startups in Toronto total 350, with $2B valuation.
08
Cleantech companies in Toronto: 280, focusing on energy tech.
09
Gaming and esports firms: 150 in Toronto ecosystem.
10
60% of Toronto tech companies founded post-2010.
11
Wealthsimple, Toronto fintech unicorn, valued at $5B.
12
200 hardware tech startups in Toronto as of 2023.
13
Proptech companies: 120, driven by real estate tech.
14
25% of Canadian tech unicorns headquartered in Toronto.
15
Quantum computing startups: 15 in Toronto cluster.
16
Edtech firms: 90, serving global markets from Toronto.
17
1,000 SaaS companies based in Toronto.
18
Robotics startups: 50, leveraging UofT research.
19
Toronto has 300+ Series A funded startups.
20
Agritech companies: 40 in Toronto area.
21
70% survival rate for Toronto tech startups after 5 years.
22
Autonomous vehicle startups: 20 in Toronto.
23
450 B2B tech firms dominate Toronto landscape.
24
Fashiontech startups: 25, blending AI and retail.
25
Toronto tech company density: 1 per 2,500 residents.
26
150 cybersecurity startups in Toronto.
27
Biotech firms with tech focus: 200.
28
E-commerce startups beyond Shopify: 300.
Interpretation
Companies and Startups Interpretation
Toronto isn't just playing Silicon Valley North; it's building a sprawling, resilient, and improbably diverse kingdom where fintechs rule the treasury, AI startups form the thinking class, and even the local unicorns have to share the pasture with 4,499 other ambitious creatures.
02 · Category
Economic Impact and Growth23 stats
01
Toronto tech contributes CAD 58B to GDP annually.
02
Tech sector GDP growth: 8.2% YoY in 2023.
03
Exports from Toronto tech firms: $25B in 2023.
04
Tech taxes contribute $4.5B to Toronto economy yearly.
05
Multiplier effect: each tech job creates 2.5 others.
06
Tech drives 15% of Toronto's GDP growth since 2015.
07
Startup ecosystem value: $50B in Toronto.
08
Tech R&D spend: $12B annually in GTA.
09
9% of provincial GDP from Toronto tech.
10
Cost savings from tech adoption: $3B city-wide.
11
Tech tourism (conferences): $500M economic boost.
12
Productivity gain: 20% higher in tech firms vs average.
13
Tech real estate demand: 5M sq ft office space.
14
VC return on investment: 3x average for Toronto funds.
15
Job creation multiplier: $110K GDP per tech job.
16
Tech patents contribute $2B in licensing revenue.
17
12% annual growth in tech GDP contribution.
18
Immigration-driven growth: 30% of GDP boost.
19
Tech reduces city operational costs by 15%.
20
Ecosystem ranking: #9 globally per Startup Genome.
21
$10B in construction from tech campuses.
22
Toronto tech sector size: 11% of Canadian tech GDP.
23
25,000 new businesses spawned by tech ecosystem.
Interpretation
Economic Impact and Growth Interpretation
Toronto's tech sector is not just a cash cow but the city's most prolific economic alchemist, turning venture capital and ingenuity into towering GDP figures, a flood of exports, and enough spin-off jobs and businesses to make even the most ambitious urban planner blush.
03 · Category
Employment and Workforce30 stats
01
Toronto's technology sector employed 263,000 professionals in 2023, marking a 5% increase from 2022.
02
The average salary for software developers in Toronto's tech industry is CAD 120,000 annually as of 2024.
03
Women represent 28% of the tech workforce in Toronto, up from 25% in 2020.
04
Toronto tech jobs grew by 12,000 positions in Q1 2024 alone.
05
45% of Toronto's tech workers hold at least a bachelor's degree in computer science or related fields.
06
The tech sector accounts for 10% of Toronto's total employment, with 263,000 jobs in 2023.
07
Entry-level tech salaries in Toronto average CAD 85,000 per year in 2024.
08
15% of Toronto tech employees are immigrants, contributing to diverse talent pools.
09
Toronto has 5,200 AI specialists employed in tech firms as of 2023.
10
Tech unemployment rate in Toronto is 2.1%, below the national average of 3.5% in 2024.
11
32% of Toronto tech workers are aged 25-34, the largest demographic cohort.
12
Cybersecurity professionals in Toronto earn an average of CAD 115,000 annually.
13
Toronto tech sector added 40,000 jobs between 2020 and 2023.
14
22% of tech roles in Toronto require machine learning expertise in 2024.
15
Data scientists in Toronto command salaries averaging CAD 130,000.
16
Toronto's tech workforce includes 18,000 fintech specialists.
17
7% annual growth in tech employment projected through 2028.
18
Black professionals make up 8% of Toronto's tech workforce.
19
UX/UI designers in Toronto earn CAD 95,000 on average.
20
50,000 remote tech workers based in Toronto metro area in 2024.
21
DevOps engineers average CAD 125,000 salary in Toronto tech.
22
12% of tech jobs in Toronto are in healthtech subsector.
23
Indigenous representation in tech workforce at 2.5% in 2023.
24
Cloud architects earn CAD 140,000 average in Toronto.
25
Toronto tech sector has 35,000 jobs in software development.
26
25% increase in female tech hires since 2021.
27
Product managers in tech average CAD 110,000 salary.
28
4,000 blockchain experts employed in Toronto tech.
29
Tech apprenticeships grew 20% in Toronto in 2023.
30
Toronto has over 10,000 sales roles in tech companies.
Interpretation
Employment and Workforce Interpretation
Toronto's tech scene is booming, hiring fast, and paying well, yet it's still puzzling out how to be a truly open party for everyone while its growing, well-educated, and youthful crowd keeps busy building the future, one expensive software bug at a time.
More related reading
04 · Category
Innovation and R&D24 stats
01
Toronto filed 2,500 tech patents in 2023.
02
University of Toronto ranks #1 in Canada for AI research output.
03
Vector Institute published 1,200 AI papers in 2023.
04
R&D expenditure by Toronto tech: 15% of revenue.
05
500 startups spun out from Toronto universities since 2015.
06
Quantum research hubs: 3 in Toronto with 200 patents.
07
AI patent filings: 800 by Toronto firms in 2023.
08
MaRS incubator supported 300 R&D projects.
09
Healthtech innovations: 150 clinical trials tech-enabled.
10
Cleantech prototypes: 100 from Toronto labs.
11
Global AI Index ranks Toronto #5 worldwide hub.
12
10,000 researchers in Toronto tech ecosystem.
13
Blockchain patents: 300 filed locally.
14
Robotics R&D funding: $200M annually.
15
40% of Canadian AI startups from Toronto research.
16
Hackathons produced 500 prototypes yearly.
17
Open source contributions: 1M commits from Toronto devs.
18
Fintech APIs developed: 2,000 innovative standards.
19
AR/VR research papers: 400 from Toronto unis.
20
Sustainability tech breakthroughs: 50 patents.
21
Edtech R&D grants: $50M awarded.
22
Machine learning models deployed: 1,500 commercial.
23
Cybersecurity innovations: 200 new protocols.
24
Biotech AI integrations: 100 projects.
Interpretation
Innovation and R&D Interpretation
Toronto is not just thinking about the future; it's methodically patenting, publishing, and prototyping it into existence, one brilliant, slightly obsessive researcher at a time.
05 · Category
Investment and Funding24 stats
01
Toronto tech startups raised $5.5B in VC in 2023.
02
Q1 2024 VC deals in Toronto tech: 85 totaling $1.2B.
03
AI startups in Toronto secured $2.8B in 2023 funding.
04
Fintech investments in Toronto: $1.1B across 120 deals in 2023.
05
Total VC funding for Toronto startups 2019-2023: $15B.
06
Corporate venture capital into Toronto tech: $800M in 2023.
07
Seed funding rounds in Toronto: 250 averaging $2.5M each in 2024.
08
Series B deals: 45 totaling $1.8B in Toronto 2023.
09
Government grants to Toronto tech: $450M via SR&ED in 2023.
10
Angel investments: 500 deals worth $300M in Toronto startups.
11
Healthtech funding: $650M across 50 Toronto startups in 2023.
12
Cleantech VC in Toronto: $400M in 2023.
13
Gaming investments: $250M for 30 Toronto studios.
14
Proptech funding: $180M in 2023 Toronto deals.
15
Quantum tech investments: $120M from federal funds.
16
20% YoY increase in VC deal count to 350 in 2023.
17
US investors contributed 40% of Toronto tech funding.
18
Late-stage funding: $3B for Toronto scale-ups in 2023.
19
Women-led startups received 15% of total VC funding.
20
Robotics funding: $90M across 12 Toronto firms.
21
Agritech investments: $60M in Toronto ecosystem.
22
Median deal size for Series A: $8M in Toronto.
23
Blockchain/crypto funding: $150M despite market dip.
24
Edtech VC: $70M for Toronto startups.
Interpretation
Investment and Funding Interpretation
Toronto's tech scene is proving it's no longer just polite ambition, as these numbers reveal a serious and sprawling engine—fueled by everything from AI's giant leaps to countless gritty seed bets—that is finally getting the capital and global attention its potential has long deserved.
Reference
Cite This Report
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APA
Lars Eriksen. (2026, February 13). Toronto Technology Industry Statistics. Gitnux. https://gitnux.org/toronto-technology-industry-statistics
MLA
Lars Eriksen. "Toronto Technology Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/toronto-technology-industry-statistics.
Chicago
Lars Eriksen. 2026. "Toronto Technology Industry Statistics." Gitnux. https://gitnux.org/toronto-technology-industry-statistics.
Sources & references
90 datasets cited across this report · attribution is report-level
shopify.com