Touted as one of the top tech cities in Canada, Toronto is a booming tech hub that accounts for over 40 percent of tech-related workers in Canada. A Wall Street Journal report said that compensation for software developers outside of the United States and Silicon Valley are increasing fast. This hike in salary is a result of tech company expansions outside the area, which are causing a bidding war in terms of wages for software developers.
Since 2018, there has been a steady rise in software developer salary rates. And because of Canada’s booming tech industry, this rate is bound to go even higher in the coming years. Many foreign tech companies are exploring Toronto and other tech hubs in Canada, and are finding value in their money. Salaries in such areas cost half of the pay workers in Silicon Valley require.
Canada Becomes Hub of Software Development Companies
Canada’s success as a hub of software development companies is attributed mainly to the type of environment and workforce quality it delivers. This achievement also stems from the country’s talented workers, the majority of which are products of the Global Talent Stream Program.
The said program speeds up visa processing for skilled tech workers, making Canada an attractive place for immigrants looking to excel in specialized fields within the tech industry. In turn, the availability of a diverse talent pool entices software development companies to lay roots in tech cities like Toronto, Montreal, Vancouver, and Waterloo.
Video and online gaming companies have been attracting talents from around the world for two decades only. Gambling is legal in Canada for three decades already but the online gaming sector in its early development stage. From the previous decade, online gaming companies started a worldwide search for software developers. Government gave the green light to local casino companies to accept various payment options and increase the popularity of those companies on a global market. That’s why Canadian casinos attracted the attention of popular software developers and signed many top-notch talents. As the local casinos have been granted with the decision to offer a wide range of games on the same platforms, company owners were in need of smart developers for every type of casino game.
The first rise in salaries for developers happened in the online gaming industry and it was just the start. On Canadian casino platforms, gamers have a chance to play online roulette, poker, slot, and blackjack at the same time. That’s why Canadian casinos were in need of high-class software developers, to make sure that offered games have the highest quality and players don’t face any issues. The rise in salaries started when local casino platforms dominated the global market. An example of casino sector influenced on government’s decision to attract more talents in the software development space.
Such factors are what makes Canada a suitable location not just for software development companies, but a wide array of tech companies as well. The country is now known as having one of the fastest-growing tech markets in North America. What makes Canada even more viable is its efforts to promote inclusivity. Canadian tech hubs are testaments to the power of celebrating skills and talent, regardless of ethnicity, faith, race, and gender.
Why Salaries Are Set to Rise for Toronto-based Software Developers
Tech companies are setting up offices in the area, even giants in the field, such as UBER, Microsoft, and Google. It is also worth noting that Toronto is already home to multimillion-dollar tech companies like Amazon, Cisco, IBM, Twitter, and Facebook. Just by looking at the current industry players housed in the city, Toronto becomes an even more attractive destination for both skilled workers and companies looking for a workplace more conducive to their needs.
As the digital landscape grows and the demand for skilled tech workers increases, salaries will go even higher. And based on Toronto’s capacity to deliver both business incentive and excellent talent, the city and the talent pool it houses deserves the salary increase it is poised to receive in the coming years.
Solid Decision of Canadian Government to Keep Up with Digital Charter
The reformation of Canada’s Digital Charter is a wise decision, as it now equips the country with better tools for enforcing stricter regulations, strengthening efforts for disruption and innovation, and amping up efforts to protect the privacy of Canadians without impeding on equality or freedom.
The charter will not only prepare the nation for both opportunities and challenges posed by the digital economy, but it will also show the world the kind of leadership necessary to keep up with a rapidly changing digital landscape.