Working in Toronto: Job Market and Cost of Living Insights

Toronto, a bustling metropolis within the Ontario region of Canada, is one of the most populated cities in the country, hosting 18% of all Canadians. Although it is known primarily as the economic and trading hub of the nation, Toronto has also gained popularity over the last decade for its comparatively low cost of living and the many exciting career opportunities available for local and transplant Toronto residents alike.

Read on to learn what it’s like to live and work in this growing city and how professionals can work strategically to land a role in one of Toronto’s coveted industries.

Highlights of living, learning, and working in Toronto

• Diverse economy: Toronto remains one of Canada’s most vibrant and fastest-growing cities, a hub for economic and trading activities. It is home to a burgeoning population that enjoys a wide array of job opportunities across key sectors such as technology, financial services, education, life sciences, and food and beverage. These industries not only offer robust job markets but have also contributed to salary increases, reflecting the city’s dynamic economic environment.
• Educational opportunities: Northeastern University in Toronto is ideally situated to prepare professionals for thriving in this competitive landscape. Our industry-aligned graduate programs are designed to enhance career trajectories, equipping students with the skills needed to excel in Toronto’s top industries.
• Cost of living: Despite being one of the most expensive cities worldwide, Toronto offers a comparatively lower cost of living than other major North American tech hubs. This affordability, coupled with Canada’s publicly funded healthcare system, makes Toronto a sustainable option for both residents and professionals.
• Hands-on learning: At Northeastern, we emphasize experiential learning through co-ops and internships that provide students with practical skills and real-world experiences. This approach is crucial for professional success in Toronto’s competitive job market.
• Competitive job market: Toronto’s job market is flourishing, making the competition fierce. Advanced education and strategic networking are essential for career advancement in this vibrant city.

Living in Toronto

The city of Toronto only continues to grow over time—both in size and popularity. Along with being the largest city in Canada, Toronto has also been named the fourth largest city in all of North America and the second fastest-growing city in the United States and Canada.

As of 2024, Toronto is home to 2.8 million residents Despite its growing population, Toronto continues to excel in providing outstanding living conditions for its residents. While the city is now ranked as the 12th most livable city in the world, it remains a leader in cleanliness, sustainability, and diversity. This consistent performance highlights the city’s commitment to enhancing quality of life and ensuring it remains one of the best places to live and work.

Cost of living in Toronto

The reported average cost of living in Toronto in 2019 is $3,252.45 CAD per month, taking into account the average cost of housing, transportation, groceries, phone and internet bills, and entertainment in the city.

This cost of living for Toronto is considerably lower than in other popular cities in North America. For example, Toronto is more affordable than Boston (by 16%), New York City (by 31%), Washington, D.C. (by 16%), and San Francisco (by 27 %). Canadians can also become part of the country’s publicly funded healthcare system, furthering the disparity in living costs among these areas.

Though Toronto is known to be one of the most expensive cities to live in worldwide, locals find that the benefits of the current job market and the lower overall cost of living in the area make life in Toronto sustainable.

Regional culture in Toronto

Toronto has many attractive qualities, including its diversity. The area is made up of 157 unique neighborhoods, including West Queen West. Along with its geographic diversity, Toronto is also known for being home to people from a variety of different cultural backgrounds. In fact, over 50% of people living in Toronto are of foreign origin, making Toronto one of the most diverse cities in the world. As a result, many languages are spoken in the area; although English is still the most prominent, there are at least 200 other dialects used commonly throughout the city.

Despite its 2.5 million inhabitants, Toronto is also considered one of the cleanest and most environmentally conscious cities in the world. The city’s government has a well-established focus on sustainability, including a reduction in greenhouse emissions due to the frequent use of public transportation among commuters and the green construction technology utilized throughout the city.

Toronto residents also make great use of the “city beneath the city,” using the underground tunnels to travel about the area, especially during the city’s infamous cold and snowy winters. Other notable local spots include the Toronto Islands, St. Lawrence Market, and the Distillery District.

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Working in Toronto

The job outlook in Toronto is very promising for professionals in the area. The average salary in Toronto is $73,000 CAD and the unemployment rate is down to 6.4%. As of 2024, Toronto’s employment is up 1.7% from 2023, with 67,500 new jobs. These rates aren’t predicted to slow anytime soon either; the city’s projected population growth is expected to reach nearly 3 million by 2025.

Top Industries in Toronto

1. Technology

Toronto is one of the top technology hubs in the world. It has been named the fastest-growing and third-largest technology market in North America. Between 2017 and 2022, there was an increase of 63,800 jobs at some of the top technology companies in the world. Alongside an increase in available jobs, those employed in Toronto have also seen various salary increases.

Since 2014, the technology sector as a whole has grown by over 50% in Toronto, as well, and it is expected to have a substantial and sustainable impact on the overall Ontario economy. The region is also known for supporting entrepreneurs and offers many opportunities for technology startups to find success in the area.

2. Financial services

Toronto is the largest financial center in all of Canada; it employs 210,000 people, who account for more than three-quarters of the entire region’s financial workforce. This industry has experienced a growth rate of 2.4% since 2009. The top sectors within this industry include banking and deposit-taking institutions, security and investment organizations, insurance carriers, and more.

3. Education

The education industry in Toronto employs over 100,000 individuals and accounts for $7.2 billion in annual wages in the region. Roles in elementary and secondary schools make up over half of the employment opportunities in this industry, followed by those at universities. These Toronto-based trends are representative of the overall impact of the education industry on Canada’s economy, which is expected to grow over the next five years.

4. Life sciences

Nearly 30,000 workers make up Toronto’s life sciences industry, resulting in a contribution of over $2 billion to the city’s economy. Though this industry is broad, the majority of those employed in Toronto work as paid researchers in hospitals (32.3 %), pharmaceutical manufacturing (20.5%), or medical and diagnostic laboratories (17.3%).

Within the Discovery District, specifically—Canada’s largest hub of research in life sciences in Toronto—there are various medical research facilities, including hospitals, research centers, and startup companies. Some consider the public and private investment into research, as well as the operation of major pharmaceutical and medical device organizations in Toronto, as other significant factors behind the industry’s regional growth.

5. Food and Beverage

The food and beverage industry employs 64,000 workers in Toronto, most commonly in roles related to the manufacturing of consumable products. Total annual wages for those in this sector are around $3.2 billion, and there has been a 2o% increase in the number of food processing businesses in the city over the last ten years. The greater Ontario area is also considered the largest food processing industry in Canada, with revenues increasing 6.2% since 2016.

Read more: The Top-Paying, In-Demand Industries and Jobs in Toronto 

 Top Companies in Toronto

1. Amex Bank of Canada

Amex Bank of Canada has established a robust presence in Toronto, contributing significantly to the city’s financial sector. As a key player in Canadian banking, Amex Bank of Canada supports numerous local jobs and is renowned for its commitment to employee welfare and development. It has consistently been recognized as one of Greater Toronto’s top employers and as a prime workplace for young professionals.

Amex Bank of Canada’s operations contribute substantially to the local economy. Known for its strong financial performance, the bank plays a crucial role in the financial services industry in Canada. Its focus on expanding services and enhancing customer experience in Toronto demonstrates its dedication to growth and innovation within the Canadian market.

2. Nestlé

Nestlé maintains a significant operational footprint in Toronto, enhancing the city’s standing as a center of industry and employment. As a leading company in the food and beverage sector, Nestlé contributes significantly to job creation and is noted for its commitment to sustainable practices and community involvement.

With its robust performance in the Canadian market, Nestlé plays a pivotal role in the food industry, emphasizing innovation and customer health. The company’s investments in local manufacturing and product development showcase its dedication to growth and responsiveness to consumer needs in Toronto and beyond.

3. Campbell

Campbell Company of Canada, along with its subsidiaries, is a prominent fixture in the Canadian food industry, celebrated for its diverse array of soups and other culinary products. Beyond its core offerings, Campbell is actively engaged in developing nutritional enhancements and sustainable practices within its production processes. The company is a major employer in Canada, significantly contributing to the food sector’s workforce.

Renowned for its commitment to quality and innovation, Campbell Company of Canada serves millions of Canadians and is dedicated to upholding high standards in every product line. It was honored as one of Canada’s Top Employers, reflecting its outstanding workplace environment and progressive company policies. In addition, its leadership in sustainability initiatives distinguishes it within the industry, underscoring its dedication to environmental stewardship and community wellbeing.

4. Capgemini

Capgemini, a leading global consulting, technology services, and digital transformation company, has a strong presence in Toronto, focusing on driving digital innovation across various industries. The company has experienced significant growth due to its expertise in harnessing cutting-edge technologies to enhance business operations and customer engagement.

Recognized as one of the fastest-growing companies in Toronto, Capgemini continues to expand its influence and capabilities, reflecting its commitment to delivering transformative solutions to its clients. It collaborates with a broad spectrum of businesses, helping them to navigate the complexities of modern technology and stay competitive in a digital world.

5. Google

Google epitomizes the vibrant startup culture in Toronto with its innovative approach and significant influence in the tech industry. Leveraging advanced technologies such as artificial intelligence and machine learning, Google enhances user experiences and offers targeted advertising solutions that resonate with global audiences.

Founded decades ago and continuously expanding, Google maintains a strong presence in Toronto, supporting over a hundred well-known brands through its advertising network. It consistently ranks as one of the top companies for growth and innovation in the Greater Toronto Area. With a substantial team and ever-increasing business demands, Google provides numerous career opportunities, attracting a diverse and talented workforce.

Read More: 6 Top Tech Companies to Work for in Toronto

Top jobs in Toronto

1. Software developer

Responsibilities: Software developers are primarily in charge of developing and customizing computer systems that will perform a particular function. They work alongside systems engineers and computer programmers and are required to be familiar with standard computer languages.

Training: Some software developers can get by with a bachelor’s degree in software engineering, computer science, or information technology alongside extensive hands-on experience. Others may consider a Master of Science in Computer Science degree to remain competitive.

Toronto-specific salaries: Alongside substantial bonus, commission, and profit-sharing figures, software developers in Toronto make an average salary of $72,709 CAD per year.

2. Project manager

Responsibilities: In general, project managers are in charge of seeing a scope of work through from conception to completion. This may require handling stakeholder relationships, overseeing a project’s budget, providing a schedule, managing deliverables, and more.

Training: Project managers must acquire a unique set of tactical skills, as well as an intricate understanding of the variety of project management methodologies they may use in their work. For this reason, many project managers choose to pursue their Master of Science in Project Management degree.

Toronto-specific salaries: The average project manager in Toronto earns $82,223 CAD per year compared to the average salary of $79,740 CAD per year made by project managers throughout the rest of Canada.

3. Software engineer

Responsibilities: Software engineers work at a crux between software developers and programmers. They are in charge of ensuring that the software developed by the design team functions appropriately while also mapping out complex program functions with coders.

Training: Similar to software engineers, those with a Master of Science in Computer Science will stand out among a sea of applicants for these roles in high-demand regions like Toronto.

Toronto-specific salaries: The average software engineer in Toronto earns $88,378 CAD per year compared to the $83,093 CAD average annual salary that individuals in these positions earn throughout the rest of Canada.

4. Operations manager

Responsibilities: An operations manager works to supervise the production of goods and services over a specified timeframe. Primarily this includes keeping operations functioning efficiently, monitoring customer satisfaction, developing budgets, managing safety and profit goals, and more. 

Training: A relevant master’s degree can go a long way in setting operations managers apart in a competitive job market (and in landing mid- or senior-level roles within organizations.) Those interested in this career path might consider a Master of Business Administration or a Master of Science in Project Management.

Toronto-specific salaries: The average Toronto-based operations manager makes an average of $83,706 CAD per year compared to the average national salary of $75,024 CAD per year.

5. Assistant roles (e.g., legal, executive, administrative)

Responsibilities: Although the duties may vary depending on the industry and level, those in assistant roles are often in charge of managing schedules, performing critical office duties, drafting documentation, handling accounting or human resources tasks, and much more. 

Training: The level of required training for an assistant role will depend on the individual’s unique scope of work, the organization they work for, and the level of the role. For example, an executive assistant often requires an associate or bachelor’s degree, while an administrative assistant role may require only a high school diploma. Those hoping to get their foot in the door with a top company in Toronto (or advance beyond an assistant-level role) might consider earning an advanced degree in an area of study relevant to the organization in order to stand out from other applicants.

Toronto-specific salaries: Executive assistants in Toronto make an average annual salary of $67,897 CAD, administrative assistants make $46,917 CAD, and legal assistants make $52,132 CAD—all above the national average.

Toronto’s competitive job market

Quite a few factors contribute to the competitive job market in Toronto, however the most common are based on the region’s overall appeal and its attraction of top-talent from around the globe.

Although this may seem like the norm considering the influx of residents to other popular cities (such as Seattle, Charlotte, and the San Francisco Bay Area), Toronto is experiencing this at another level. This is because, unlike in America, Toronto—and all of Canada—has made it easier than ever for those living outside of the country to accept a role there.

A closer look: Canada’s Immigration Levels Plan for 2024–2026 aims to attract skilled workers to support economic growth, meet labor demands, and uphold humanitarian commitments. While the United States is tightening its stance on immigration, Canada’s plan involves increasing the number of economic-class immigrants, enhancing the intake of French-speaking immigrants, and streamlining immigration processes. This strategy positions Canada as an attractive destination for global talent in sectors like technology and healthcare.

This recent development has seen many positive outcomes for organizations in Toronto, yet it has also brought with it the need for job-seekers to find ways of standing out among the masses of qualified, global candidates applying for roles in the city. One of the best ways to take control of your future and be noticed in a competitive job market is by obtaining an advanced degree. 

Benefits of studying in Toronto

When you decide to earn a graduate degree in an effort to stand out among other candidates, you may be tempted to pick the first program you encounter that seems to fit your needs. Whether that means choosing a program that is low-cost, close to your current job, offered online, etc., it’s easy to prioritize the convenience factor above all else.

However, if your goal is to be competitive in a demanding job market, it’s important that you prioritize based on where the program is located and what career-advancement opportunities it will provide for you post-graduation instead. Doing so will allow you to tailor the knowledge you obtain, the network you create, and the hands-on experience you gain during grad school in a way that best aligns with the needs of the particular region you wish to work in. 

Below we further explore how choosing to study in your desired city provides strategic opportunities for those hoping to gain regional success.

1. Working with regional organizations

Many top universities, like Northeastern, provide opportunities for graduate students to participate in hands-on learning while in school. These experiential learning opportunities—which may take the form of a co-op, internship, or work-study—allow students to apply the skills they gather in the classroom to real-world scenarios.

Spending time working with local organizations in this way is incredibly beneficial for those who choose a regional-specific program because they hope to work in the city after graduation. In doing so, students gain real-world experience to set themselves apart when applying for jobs in general, but also an unparalleled understanding of the specific needs of the organizations and industries in the area specifically. They’ll be able to make connections and learn on the job, all while observing firsthand what these employers value from their workers. Then, they can strategically work to improve where needed before entering the job market themselves.

2. Expanding your network

Your time in a regional-specific graduate program will also provide you with the opportunity to make valuable, local industry connections. Whether you build these relationships with your professors, classmates, or active members of the industry in which you hope to someday work, the people you connect with during graduate school will help define your professional career.

Read more: 7 Networking Tips for Graduate Students

Your network will likely have the most obvious impact on your job options post-graduation. In workplaces today, 42% of professionals found their current jobs through some form or effect of networking. That means that, even in a competitive job market like Toronto’s, your strong network has the power to set you apart from the crowd. Whether in the form of a referral to an open position, a positive recommendation or reference, or simply an introduction to someone who works in an organization you’re interested in, having a network of people who can vouch for you will go a long way when applying to roles. What’s more, when you attend school in the location you wish to work, you are able to develop your network to include top players within both the specific industry and region in which you’re hoping to advance your career, a strategic move that will have a lasting impact on your career.

3. Honing your skills

Especially considering the influx of foreign, skilled professionals seeking roles in Canada, one of the most important ways you can set yourself up for success in Toronto is to actively work on refining your practical industry abilities. Through the pursuit of a graduate degree, students are given a chance to deepen their knowledge, hone their skills, and stay up-to-date with constantly evolving industry trends. Students can also tailor their education through the declaration of a concentration within their graduate program. A concentration allows students to gain skills and experiences in the niche area of work they hope to find a role in while also ensuring they have the base-understanding of industry concepts explored in their required courses.

For example: Those who pursue their Master of Science in Project Management at Northeastern in Toronto have the opportunity to pick from 10 concentrations within the program, including Information Security Management, Program and Portfolio Management, Construction Management, and more. Declaring a specialized concentration while in school will give students a competitive advantage when it comes to landing roles in that specific area of work after graduating. 

Consider Northeastern University in Toronto

If you’re looking to land a role in one of Toronto’s top industries or companies, consider earning your graduate degree from a location-specific university like Northeastern University in Toronto. Doing so will give you an advantage over less regionally aligned applicants by providing the relevant skills, hands-on experiences, and networking opportunities you need to stand out within this competitive job market. Take the first step toward a successful career in the thriving city of Toronto with a graduate degree from Northeastern.

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