In a report from analysts at U.S.-based Expert Market, Toronto and Montreal are among the top ten tech hubs to live and work.
The research, first reported by Fast Company, makes the claim that Silicon Valley — with its skyrocketing rent and general cost of living — is not necessarily the best place to start a company.
Expert Market looked at the 20 biggest tech hubs noted by Compass last year, which included Toronto, Vancouver, and Montreal. The analysts then decided on eight categories, including the time it takes to start a business, startup output, and salary, and split them into ‘work factors’ and four ‘life factors’ to come up with their top 10. Vancouver made it to 13th place out of 20 total companies analyzed.
“Our philosophy is that if you are to thrive in an area, either working in tech or building your own company, you need a balance between potential corporate success and an enjoyable lifestyle. This is why areas such as San Francisco, London, and New York do not come out on top — even though they are considered to be among the top five global startup ecosystems,” wrote Bobbi Brant, Expert Market’s researcher.
Toronto ranked third overall. In terms of specific categories, the city came in fifth place for seed funding, eighth in startup output, and 10th in average salary. “With its strong Canadian backing and investment from the Canadian government, Toronto has been dubbed one of the fastest-growing tech hubs in North America,” the report said. Montreal took the ninth spot, for its “low rents and a vibrant atmosphere.”
Toronto, Montreal, and Vancouver shared a top spot for taking the least time to start a business. Montreal ranked third in having the best average rent price, and fifth for cost of living. Vancouver ranked sixth in having the best paid vacation and eighth in cost of living.
