Strong Economy

Toronto’s success is due in large part to the strength and significant growth of its financial industry. Toronto is the second largest financial centre in North America, which serves as an engine for the economic growth of the city and an anchor for our excellent talent base, enviable quality of life and highly competitive business environment.
Jennifer Reynolds, President and CEO Toronto Finance International

Toronto is Canada’s business and financial capital, a growing financial hub in North America, and a top ten global financial centre. Toronto’s Gross Domestic Product (GDP) growth is significantly outpacing the national average. The Toronto region’s GDP has grown by an average of 2.4 percent annually since 2009 compared to a national rate of 1.8 percent. In 2017, the Toronto region’s GDP grew by approximately 3.3 percent (Source: Conference Board of Canada, Moody’s, Oxford Analytics, Statistics Canada, 2017).

Toronto is competitive in almost every other major business sector from technology and life sciences to green energy; from fashion and design to food and beverage; from film and television production to music and digital media. Toronto’s rich industrial diversity drives growth, innovation and cross-sectoral synergies and knowledge spillovers have spawned new leading-edge hybrid sectors including med-tech, green-tech and food-tech.

Financial Services Sector

Toronto is Canada’s business and financial capital. The city is the second largest financial services centre in North America and has one of the highest concentrations of financial services company headquarters in the Americas. With its reputation for safety, soundness and stability, Toronto is fast becoming a global location destination for financial services.

Learn more about Toronto’s Financial Services Sector.

Facts & Figures

Canada’s banking system ranks first in the G7 for the 11th year and it is one of the soundest in the world.
–World Economic Forum, Global Competitiveness Index 2018 – 2019

Canada’s average annual real GDP growth over the last five years (2014-2018) ranked second among G7 economies and is also forecasted to rank first in the G7 in 2020 at 1.9%.
–IMF World Economic Outlook, April 2019

Since May 2014, Canada created more than 1 million jobs, an increase of almost 7%, with over 88% of those being full-time positions.
–Statistics Canada, June 2019

Canada enjoys the lowest net debt-to-GDP ratio in the G7, and its ratio is expected to remain the lowest in 2020 at 26.2%.
–International Monetary Fund (IMF), World Economic Outlook, April 2019

Canada tops the G20 with Germany and Australia for its fiscal soundness, with a triple A credit rating.
–Standard & Poor’s, Moody’s and Fitch