Updated: Jun 17
Looking to move your corporation to Toronto? Or are you an employee considering a corporate relocation to Toronto? Whatever your reason, this article will fill you out on some interesting facts about the downtown Toronto economy.
Toronto’s economy is one of the largest contributors to the overall Canadian economy and an important economic hub in the world. Toronto is a commercial, distribution, financial, and industrial center of Canada.
Toronto’s Competitive Advantages
Toronto is one of the greatest cities in the world to do business, top in global competitiveness, innovation, and quality of life. Toronto is the 4th largest city in North America and five out of six of Canada’s largest banks have their headquarters in the city’s business Stock Exchange. Not only is Toronto located close to 3 universities and 5 colleges with competitive and excelled undergrad and graduate programs, but it is also only an hour away from the Toronto Pearson Airport to reach the downtown core the busiest business district, and Billy Bishop Airport is located minutes in the Harborfront. A true North America gateway, Toronto has a connection to a network of consultants, professional firms, and specialty suppliers.
On the topic of why corporations thrive in the City of Toronto, learn more about corporate relocation with Corporate Relocation: Everything to Know.
Staying in Yorkville, Toronto allows you to be closer to the core of Canada’s financial and banking, media, technology, and tourism industries. The Financial District is known for its Bay Street high-rise buildings, the PATH – an underground network of walkways that stretches 20 kilometers with 1,200 shops and services, and links to major attractions, and home to corporations, law firms, and the Toronto Stock Exchange.
Being the business and financial capital of Canada, Toronto’s Financial District is focused on Bay Street, the equivalent to Wall Street of New York. Toronto is home to headquarters to all five of Canada’s largest banks, includes the Royal Bank of Canada (RBC), Toronto Dominion Bank (TD), Scotiabank, Bank of Montreal (BMO), and the Canadian Imperial Bank of Commerce (CIBC).
Toronto is home to Canada’s film and television industry, due to the city’s streets and landmarks, Toronto streets can be seen in films as it mimics American cities like Chicago and New York. The city also hosts annually, the Toronto International Film Festival (TIFF), one of the largest in North America, and the Hot Docs Canadian International Documentary Festival, the largest such media festival in the continent.
Toronto is a large hub of the Canadian and global technology industry. The city is the third-largest center for information and communications technology in North America, coming in behind New York City and Silicon Valley, with over 168,000 people and 15,000 companies working in the Toronto technology sector alone. The region has also emerged as Canada's largest biotechnology cluster, with over 50% of the country's life sciences companies based in the area. Toronto's biotech industry is centered around the Discovery District, a 2.5 km2 area of the downtown core hosting several large hospitals, leading research institutions, and the MaRS buildings.
The city of Toronto is home to several major professional sports teams such as the Toronto Blue Jays, Toronto Argonauts, Toronto Fc, Toronto Maple Leafs, and Toronto Raptors. The city has major concert and sporting grounds such as Rogers Centre, BMO Field, and Scotiabank Arena. Shopping-wise, the Toronto Eaton Center is a primary tourist attraction in Toronto and is connected to the PATH network. A large underground shopping complex connected to the CN Tower, Ripley’s Aquarium, Yonge-Dundas Square, and to the Harborfront – access to ferries and to the Toronto Islands.
Other large malls in Toronto that draw in tourists year-round include Yorkdale Shopping Centre, CF Sherway Gardens, CF Fairview Mall, and Pacific Mall in Markham that serves the area’s large Chinese population.
A number of major companies are in the Toronto and Greater Toronto area. Some of which includes Manulife Financial, TD Canada Trust, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, Bank of Montreal, Celestica, Four Seasons Hotels and Resorts, Rogers Communications, and in the outskirts are Blackberry, IBM Canada, General Motors, and Walmart Canada.
Several other companies with global or Canadian headquarters located in Toronto includes Apple Canada, Marriott International, Microsoft Canada, Coca-cola Company, Google Canada, McDonald’s Canada, Toyota Motor Manufacturing Canada, XM Radio Canada, and globally, Entertainment One, Fairmont Hotels and Resorts, Four Seasons Hotels and Resorts, Hudson’s Bay Company, Manulife Financial, Porter Airlines, and Sunwing Airlines.
Several globally well-known international companies already have their home office or corporate headquarters located in Toronto, Ontario, Canada. Why not expand your corporate team into a hub of connections to a diverse network of financial groups, tech companies, media, and tourism industry leaders today?
Avalon Suites Yorkville
If you are considering corporate relocating to downtown Toronto or conducting business in the Yorkville, Toronto area, stay with us here at Avalon Suites Yorkville. Both a short commute by public transit and by car, Avalon is strategically located to place you only several minutes from your corporate office.
Avalon suites offer Economy suites for one person to a Presidential suite accommodating up to five people, there is sure to be one best suited for you and your family. Stay in Avalon Suites with more than 2x the space than a hotel room, decorated with modern furniture, a fully equipped kitchen, Cable Smart TVs, and an in-suite washer and dryer. Furthermore, guests have access to conference space, fitness center and gym, and concierge services.
If you are looking for local restaurants to try out while staying with Avalon, check out our blog best Restaurants for Take-our Near our Short-term Rentals. Or if you are looking for local tourist attractions in the Yorkville area, check out our blog Things to do Around Bloor-Yorkville.
For more information on Avalon Suites Blog Series “Where to Stay”, click out the tags below.