Thanks to favorable immigration policies, Canada's labor force continues to grow, with the Toronto region being a primary beneficiary. Annually, Toronto is chosen as the new home of more than 100,000 international immigrants, the largest number of immigrants across all Canadian cities. The presence of four of Canada’s top ten universities within the region, including the University of Toronto, ensures a steady influx of talent. Moreover, with 39.9% of the city's population holding university degrees, businesses can tap into a highly educated and skilled workforce.
Before the pandemic, Toronto's employment numbers showed steady growth, with office-using employment increasing by 5.9% and non-farm payroll increasing by 4.3% between February 2019 and January 2020. However, with the onset of the pandemic, employment dipped, with non-farm and office-using jobs falling by 5.5% and 0.8%, respectively. By March 2021, the labor market began to rebound, and employment in both categories surpassed pre-pandemic levels, experiencing growth of 9.1% for non-farm and 7.2% for office-using jobs by February 2022.
While non-farm and office-using jobs grew by 6.2% and 9.9%, respectively, since February 2020, by the mid-point of 2023, the labor market began to exhibit signs of softening. Non-farm jobs experienced a decline of 1.8% percent, while office-using sectors had a marginal growth of 1.1%.