As North America's fastest-growing major city and Canada's undisputed business capital, Toronto offers access to an exceptional pool of leadership and C-suite talent—but it also presents unique challenges for companies looking to build or expand their executive teams.
From the Innovation Corridor stretching to Waterloo, the fintech disruption of traditional financial institutions, and the influx of global tech giants moving in, Toronto's business landscape is evolving at an unprecedented pace. This environment creates a complex yet opportunity-rich market for executive recruitment, demanding sophisticated strategies for attracting top-tier talent.
In this post, we’ll take a look at what makes Toronto's talent market distinct, from compensation trends to talent pools, and provide tips for building strong leadership teams in Canada's largest business hub.
Executive Recruitment in Toronto: Key Market Factors
Population and diversity
As of 2024, the estimated population of Toronto is 2.8 million within the city limits, which makes it the 4th most populous city in North America. The Greater Toronto Area (GTA), however, has a population of approximately 6.7 million people, which is the largest metropolitan area in Canada and the seventh largest in North America.
According to a report published by Toronto Metropolitan University’s Centre for Urban Research and Land Development, the city’s population is the fastest growing in Canada and in the United States. To support this growth, Toronto has over 100 high-rise buildings under construction and a further 300 proposed.
With over 50% of residents identifying as immigrants and more than 180 languages spoken, Toronto provides a unique opportunity to build inclusive and globally minded teams. To leverage Toronto’s diversity (a competitive advantage in a globalized economy), we encourage our clients to:
- Partner with local organizations promoting Diversity, Equity, and Inclusion (DEI).
- Highlight your company's commitment to diversity in executive recruitment.
- Develop mentorship programs to support underrepresented groups in leadership roles.
Average salaries in Toronto
Toronto's compensation landscape reflects its status as Canada's premier business hub. As of 2022, Statistics Canada reports that the average salary in Toronto was just over $62,000, 8% higher than the Canadian average salary of $57,000.
Executive salaries far exceed this, particularly in high-demand sectors like tech and finance. To attract and land top executive talent, however, companies need to offer executive compensation packages that reflect Toronto’s cost of living and market demands. Offering creative benefits, such as flexible work arrangements, can help attract top executive talent.
Toronto Cost of living
According to Mercer’s 2023 Cost of Living Survey, Toronto ranks 90th on the list of the most expensive cities around the globe. This also makes it Canada’s most expensive city, requiring an estimated monthly salary of $4,500-5,000 required to keep up with the Toronto standard of living.
There is some good news on the housing front, though, as average rental prices for 1- and 2-bedroom apartments dropped in 2024 by 8.7% and 9.7%, respectively. While it’s too early to tell if this trend will continue, companies should still be offering competitive relocation or compensation packages that reflect the higher cost of living. This is particularly relevant when recruiting C-suite executives or other senior roles in sectors like technology, life sciences, and financial services.
Accessibility and infrastructure
Toronto is well served by Pearson International Airport, one of the largest airports in North America, handling over 50 million passengers annually. The city also benefits from the downtown Billy Bishop Island airport, which offers convenient access to business destinations like Montreal, New York, and Boston.
On the infrastructure front, Toronto has undertaken one of the largest expansions of public transit in Canadian history, with over $28 billion invested in new light-rail (LRT) and subway lines. It is also expanding its GO Transit commuter rail network in an ambitious project that has been dubbed "Toronto's S-bahn."
