Toronto - Statistics & Facts
The metropolitan area of Toronto is the economic capital of Canada. A major economic hub, the city is home to the headquarters of the stock exchange, the largest stock exchange in the country, and ranks among the largest in the world. The Toronto Stock Exchange is the third largest financial center in North America.
Toronto is also home to the country's five largest banks in terms of market capitalization, as well as many other large Canadian and multinational companies from all economic sectors, and is thus an essential hub in the North American network. In addition to these economic and financial activities, the city has a political function as the capital of the Province of Ontario, hosting the Parliament, the Supreme Court of the province, and most of the provincial administrations.
In addition, the unemployment rate was quite high in 2024. That year, Toronto was ranked fifth among Canadian cities with the highest unemployment rate, at 7.8 percent. This rate exceeded that of the province of Ontario, which stood at 5.7 percent, and that of Canada, which reached 5.37 percent by 2023.
Canada's most populous city
The city's economic dynamism goes hand in hand with a significant population. In 2023, Toronto's population was estimated to be over 6.8 million, representing slightly less than half of the population of Ontario. This makes Toronto the sixth largest metropolitan area in the Canada-U.S. region, behind New York City (over 19 million inhabitants), Los Angeles (about 13 million), Chicago (over nine million), Dallas and Houston (between 7.5 and 8.1 million). The city is also experiencing sustained population growth, gradually strengthening its place in the urban hierarchy. This dynamism is explained by strong intra- and interprovincial migration towards the agglomeration in recent years, but also by important immigration. Indeed, more than one-third of the migratory flows to Canada are directed towards Toronto.A powerful and diverse economy
In 2020, the gross domestic product (GDP) of the metropolitan area amounted to 430.94 billion Canadian dollars, accounting for more than half of the GDP of the province of Ontario. Toronto is home to numerous companies, active in most sectors of the economy. In addition to financial services, the city hosts major national media and broadcasting networks, and is a center of North America's film and television industry. Other important economic sectors include technology companies, computers, aerospace, transportation, arts, publishing, medical research, education, sports, business services, environmental innovation, and food and tourism services. In 2023, the industry that employed the most people was wholesale and retail trade, with more than 532,000 people employed, followed by professional, scientific and technical services, which employed nearly 478,000.Steady employment levels but substantial unemployment rate
Overall, the level of employment in Toronto has been growing relatively steadily. Indeed, despite a decline in 2020, largely due to the COVID-19 pandemic and the measures taken by the government to address it, the level of employment was 3.67 million in 2023, more than 200,000 more people employed than in 2019. Furthermore, the average wage has increased slightly in recent years, however the gender pay gap stayed persistent, indeed, in 2022, men still earned 11,000 Canadian dollars more than women, per year.In addition, the unemployment rate was quite high in 2024. That year, Toronto was ranked fifth among Canadian cities with the highest unemployment rate, at 7.8 percent. This rate exceeded that of the province of Ontario, which stood at 5.7 percent, and that of Canada, which reached 5.37 percent by 2023.
