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Toronto’s Drivers of Population Growth

Toronto’s Drivers of Population Growth

According to the Ontario Ministry of Finance, The Greater Toronto Area (GTA) is projected to be the fastest growing region of the province, with its population increasing by almost 3.0 million, or 45.8 per cent, to reach over 9.4 million by 20411. The GTA’s share of provincial population is projected to rise from 47.6 per cent in 2013 to 52.9 per cent in 2041. Net migration is expected to account for approximately 73% of the population growth, with natural increase accounting for the remaining.

Why Toronto?

With almost three quarters of expected population growth coming from immigration, Toronto has become one of the world’s most desirable cities to reside in. Toronto is known for its rich culture, with an estimated 80 languages spoken throughout the city2. Toronto is the fourth largest city in North America behind only Mexico City, Los Angeles, and New York City. As home to the headquarters of every major Canadian bank, Toronto is the financial hub of Canada. Approximately 40% of all jobs in Canada are located within the Greater Toronto Area3. Internationally, Toronto is well regarded and was recently ranked the best city in the world to live in by The Economist Intelligence Unit.

1 Ontario Ministry of Finance
2 Invest Toronto, Stats Can
3 Invest Toronto