Toronto becomes the fastest growing city in Canada and U.S. Cultural diversity makes Toronto appealing
The city of Toronto is the fastest growing city and the Toronto CMA is the fastest growing metropolitan area in all of Canada and U.S. in terms of population growth, according to the latest research from the Centre for Urban Research and Land Development at Ryerson University.
Despite being one of Canada’s most expensive city live and an annual increase in the crime rate, the city of Toronto grew by close to 46,000 people in 2019.
The research shows Toronto’s strong position before the global COVID-19 pandemic and will motivate the City to continue that success through the restart and recovery period.
Construction, a key indicator of economic vitality, is booming in Toronto. The city is also benefiting from a surge of investment in public infrastructure and transit to meet the needs of this rapidly expanding region.
Union Station, Canada’s busiest, most important multi-modal passenger transportation hub has undergone a major redevelopment. Toronto’s waterfront revitalization is the largest urban renewal project currently underway in North America. The ground-breaking Regent Park Revitalization project is transforming the former 69-acre social-housing development into a self-sufficient mixed-income, multi-use community.
“I’m incredibly proud of the growth we saw in the City of Toronto again last year, as one of the most livable and diverse cities around the world. Toronto is Canada’s economic engine – home to residents with incredible talent and innovative businesses. The steady increase in population helps fuel the economy and will be an important part of our recovery efforts as we emerge from this pandemic absolutely determined for our city to come back stronger than ever.” – Toronto Mayor John Tory
In the past 40 years, Toronto’s downtown population more than doubled and in excess of one-third of all jobs in the city are now within the core.
Toronto region is home to more than 6.47 million people with a diverse population where nearly 50 per cent of people are born outside of Canada. Toronto’s globally-connected residents are the driving force behind its economic prosperity and innovation. As the fourth-largest city in North America, Toronto is Canada’s business and financial capital, with the second-largest financial centre and the third-largest tech sector in North America.
Toronto is competitive in almost every 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. Knowledge spillovers have produced new leading-edge hybrid sectors including med-tech, green-tech and food-tech.