Innovation starts with talent. Behind every AI breakthrough or groundbreaking tech development is a team of skilled professionals pushing the boundaries of what we know is possible, and we’re proud to say that many of them call Canada home.
Each year, CBRE’s Scoring Tech Talent report evaluates how communities across North America rank based on their strengths as tech talent markets. While CBRE no longer publishes a Canada-specific version of the report, we have you covered. This article dives into the 2025 data to see how Canadian communities compare across key metrics like talent density, population growth and cost efficiency.
The results? Canada is on the rise! This year, six Canadian cities ranked among North America’s top 20 talent markets. And one region jumped 11 spots since last year, reaching the top 10 for the first time.
While we’re always proud to show off the Waterloo area’s success, this breakdown isn’t just about us. It’s about taking a look at how different Canadian tech markets compare with each other, and highlighting the growing opportunity that Canada can offer growth-focused tech companies.
As we analysed this year’s CBRE Scoring Tech Talent report through Canadian eyes, several key findings stood out:
Key Findings
Tech Talent Concentration – Canada continues to demonstrate strong tech talent concentration. Ottawa, Waterloo and Toronto region are national leaders, with tech deeply engrained in their economies.
Tech Workforce Growth – Canada’s tech workforce is continuing to grow – FAST. Calgary and Waterloo led the way with the highest percentage increases in North America.
Cost Efficiency – Canadian communities remain cost-effective compared to U.S. markets, with mid-sized regions offering a strong balance of affordability and access to top talent.
Future Ready Workforce – Demographic trends show that communities like Waterloo, Vancouver, Toronto and Calgary are attracting high populations of young professionals.
Regional Synergies – The proximity between Canadian tech markets, particularly Toronto and the Waterloo area, creates opportunities for regional collaboration, shared infrastructure and talent mobility.
Who’s leading the way?
The following rankings show how Canadian communities are performing overall within North America’s tech talent market.
Source: CBRE Scoring Tech Talent, 2025
Toronto, Waterloo and Vancouver ranked in the top 10 tech talent markets in North America, with Waterloo also taking the #1 spot for small markets.
Here’s a closer look at the key highlights:
- Six Canadian cities sit in the overall top 20, 1 more since last year
- Toronto is the #1 large tech talent market in Canada and #3 overall in North America, behind the Bay Area and New York
- Waterloo leads as the #1 small tech talent market in North America, and made a major leap in the overall rankings, jumping 11 spots to #7, beating noted tech powerhouses like Boston and Raleigh-Durham
- Calgary saw the most growth among large markets, jumping 3 spots from #20 to #17
- Fun additional fact: Toronto and Waterloo are the only two top 20 talent markets within 100km/65mi of each other
Canadian Tech Talent is Booming
Tech talent growth is one of the clearest signs of a thriving innovation economy. It doesn’t just reflect how many skilled workers are entering the workforce, but also bigger trends like the growing demand for tech jobs, startup activity and how well cities attract and keep talent in a competitive market.
The chart below compares tech talent growth across major Canadian communities between 2021 and 2024.
Source: CBRE Scoring Tech Talent, 2025
Calgary led the way for Canadian communities with a remarkable 61.1% increase in tech talent. Close behind and ranking second in Canada, is the Waterloo area at 58.2%. This growth was well ahead of other major centres including Toronto (14.7%), Ottawa (13.2%), Montreal (6.9%) and Vancouver (5.2%). Edmonton (-1.2%) and Quebec City (-1.1%) even saw negative growth over that same period.
While many cities across North America are seeing slower tech sector growth, Calgary and the Waterloo region are charging ahead. Their rapid expansion over just three years is a clear sign of their momentum, reflecting both these regions’ ability to attract and retain talent in an increasingly competitive market. These two areas are scaling faster than anyone else can keep up with.
Measuring Tech Talent Density
Tech talent density is a key indicator of how deeply tech is embedded in a city’s local economy. It refers to the percentage of a city’s total workforce employed in tech roles. These numbers offer insight into the strength, maturity and focus of a region’s innovation ecosystem.
So how do Canada’s top cities compare when it comes to tech talent density? Here’s a look at the numbers.
Source: CBRE Scoring Tech Talent, 2025
Ottawa leads the nation with 12% of its workforce employed in tech, this percentage is largely influenced by the city’s ties to government and the telecommunications sector. Waterloo follows closely behind at 11.7%, with its density numbers driven more by its strengths in advanced manufacturing, cybersecurity, AI and research. Toronto (10.7%) and Vancouver (8.9%) rank next, supported by their large urban populations and well-developed infrastructure.
Quebec City (8.4%), Montreal (7.9%) and Calgary (7.9%) also demonstrate relatively strong densities. Then at the lower end, Edmonton reports a tech talent density of 4.4%, indicating that a smaller amount of its workforce is in tech.
Regions like Waterloo and Quebec City prove that tech talent density isn’t just about a community’s size. Smaller communities with strong ecosystems, can and do still manage to compete with Canada’s largest metro areas.
Cost Efficiency in Canadian Cities
When evaluating locations for business expansion, access to talent, infrastructure and long-term growth potential are all important factors to assess, but they don’t matter if a community is too expensive to operate in.
The graph below illustrates the estimated one-year operational costs for companies across major Canadian cities based on 500 employees and 60,000 sq. ft. of office space.
Source: CBRE Scoring Tech Talent, 2025
CBRE’s estimated one-year company costs give us insight into which Canadian communities offer the best balance of talent market quality and size, alongside affordability.
Vancouver tops the chart with the highest estimated annual costs at $41.7 million, followed closely by Toronto ($41.4) and Ottawa ($40.4M). These numbers are a reflection of higher real estate prices and also the overall costs of employees in these major cities.
On the other end of the spectrum, Montreal ($37.5M), Quebec City ($37.5M) and Edmonton ($34.6M) rank as the least expensive. However, while these cities offer lower operational costs, they may lack the same talent density and ecosystem maturity as Canada’s larger communities.
The Waterloo region and Calgary fall in the middle, with estimated annual costs of $39.7 million (Waterloo) and $39.3 million (Calgary), roughly $2 million less than Vancouver. These regions provide more affordable options than the larger cities while still maintaining strong innovation ecosystems. This balance could be the perfect combination for scaling companies looking to save money without sacrificing access to talent or infrastructure.
Canada’s Calling
Canada is quickly becoming a hotspot for innovation and growth. From Calgary’s tech talent growth to Toronto’s steady climb to the top, the 2025 CBRE data proves what we already know: Canadian cities are tech powerhouses.
If you’re considering expansion, then you’ve probably already noticed Canada has been stepping up its game! Our forward-thinking immigration policies and strategic investments in infrastructure, research and talent development could be just what your company needs to take it to the top.
Ready to dive deeper? Download the full CBRE report and explore the data to guide your next move.