Toronto is an international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization. The five largest financial institutions of Canada, collectively known as the Big Five, have national offices in Toronto. The city is an important centre for the media, publishing, telecommunication, information technology and film production industries; it is home to Bell Media, Rogers Communications, and Torstar. Other prominent Canadian corporations in the Greater Toronto Area include Magna International, Celestica, Manulife, Sun Life Financial, the Hudson's Bay Company, and major hotel companies and operators, such as Four Seasons Hotels and Fairmont Hotels and Resorts.
Economy
Toronto
Toronto | Economy
Banks, brokerage firms, the Toronto Stock Exchange, media, publishing, telecommunication Apart from banks and brokerage firms, it is an important centre for the media, publishing, telecommunication, information technology and film production industries. Media, publishing, telecommunication, information technology and film production industries Its road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper.
why is the hockey hall of fame in toronto
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Founded in Kingston, Ontario, the Hockey Hall of Fame was established in 1943.  It moved to Toronto in 1958 after the NHL withdrew its support for the International Hockey Hall of Fame in Kingston, Ontario, due to funding issues.
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when was it relocated?
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1993
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how many exhibit areas do they have?
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15
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what can you tell me about the place they are currently situated in?
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Toronto is the capital city of the Canadian province of Ontario. It is the most populous city in Canada
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what can you tell me about its culture?
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Toronto's theatre and performing arts scene has more than fifty ballet and dance companies, six opera companies, two symphony orchestras and a host of theatres.
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what are their major sources of economy?
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The economy of Toronto is the largest contributor to the Canadian economy, at 20% of national GDP, and an important economic hub of the world. Toronto is a commercial, distribution, financial and industrial centre. It is the banking and stock exchange centre of Canada, and is the country's primary wholesale and distribution point. Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry. The metropolitan area of Greater Toronto produces more than half of Canada's manufactured goods. The economy of Toronto has had a GDP growth rate of 2.4 percent annually since 2009, outpacing the national average.
Economy of Toronto | Introduction
Although much of the region's manufacturing activities take place outside the city limits, Toronto continues to be a wholesale and distribution point for the industrial sector. The city's strategic position along the Quebec City–Windsor Corridor and its road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper. The completion of the Saint Lawrence Seaway in 1959 gave ships access to the Great Lakes from the Atlantic Ocean.
Toronto | Economy
The province's two largest cities, Toronto and Ottawa, have moved increasingly to a service and knowledge economy, although Toronto still has a strong industrial presence spread over wide areas along its rail and highway corridors as well as a container port linking it to the St. Lawrence Seaway. Toronto, the largest city of the province, is the site of all of the major Canadian banks and its heart has the country's financial sector, including the Toronto Stock Exchange. Ottawa, the national capital, has an economy that is heavily dependent on the public sector, in addition to having a strong technology sector.
Southern Ontario | Economy
Toronto is located on a crossroads dating back to aboriginal times with excellent harbours with many rivers. The economy grew based on the settlement of Ontario. During the late 19th century, Toronto became the centre of railways and the supplier of goods to Ontario. Its status as a political centre gave it some stability during periods of economic uncertainty. Toronto saw a large boom after World War II when immigrants, especially from war-decimated Europe, chose the area to settle. Manufacturing, notably automotive manufacturing, grew to supply the growth in population. Toronto grew at a faster rate than the other great centre of Canada at the time, Montreal, and surpassed it in the 1970s.
Economy of Toronto | History
Greater Toronto has the largest regional economy in Canada, with its GDP surpassing the province of Quebec in 2015. In 2010, over 51% of the labour force in the Greater Toronto Area is employed in the service sector, with 19% in the manufacturing, 17% of the labour force employed in wholesale & retail trade, 8% of the labour force involved in transportation, communication & utilities, and 5% of the workforce is involved in construction. Despite the fact the service industry makes up only 51% of Greater Toronto's workforce, over 72% of the region's GDP is generated by service industries. The largest industry in the Greater Toronto Area is the financial services in the province, accounting for an estimated 25% of the region's GDP.
Greater Toronto Area | Economy
The Greater Toronto Area is a commercial, distribution, financial and economic centre, being the second largest financial centre in North America. The region generates about a fifth of Canada's GDP and is home to 40% of Canada's business headquarters. The economies of the municipalities in Greater Toronto are largely intertwined. The work force is made up of approximately 2.9 million people and more than 100,000 companies The Greater Toronto Area produces nearly 20% of the entire nation's GDP with $323 Billion, and from 1992 to 2002, experienced an average GDP growth rate of 4.0% and a job creation rate of 2.4% (compared to the national average GDP growth rate of 3% and job creation rate of 1.6%).
Greater Toronto Area | Economy
The economy of this region is very diverse. The Toronto Stock Exchange is the third-largest in North America by market capitalization (after the New York Stock Exchange and NASDAQ), and seventh-largest in the world. Cities including Hamilton, Oshawa, Oakville, Whitby and Kitchener all contain major large-scale industrial production facilities, Hamilton being dominated by the steel industry and Oakville and Oshawa primarily in the automotive industry. Other significant automotive-production facilities also exist in Brampton, and St. Catharines. While manufacturing remains important to the economy of the region, the manufacturing sector has experienced a significant decline since 2000 as a result of unfavourable currency exchange rates, increasing energy costs, and reduced demand from the United States, which is by far the largest market for Ontario's goods.
Golden Horseshoe | Economy
The Financial District in Toronto centers on Bay Street, the equivalent to Wall Street in New York. The city hosts the headquarters of all five of Canada's largest banks, Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal and Canadian Imperial Bank of Commerce, and was ranked as the safest banking system in the world between 2007 and 2014 the World Economic Forum. Toronto's economy has seen a steady boom in growth thanks to a large number of corporations relocating their Canadian headquarters into the city, and Canada's growing cultural significance. Resulting in a number of companies setting up shop in Toronto.
Economy of Toronto | Finance
Toronto is an international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization. The five largest financial institutions of Canada, collectively known as the Big Five, have national offices in Toronto. The city is an important centre for the media, publishing, telecommunication, information technology and film production industries; it is home to Bell Media, Rogers Communications, and Torstar. Other prominent Canadian corporations in the Greater Toronto Area include Magna International, Celestica, Manulife, Sun Life Financial, the Hudson's Bay Company, and major hotel companies and operators, such as Four Seasons Hotels and Fairmont Hotels and Resorts.
Toronto | Economy
London's economy is dominated by medical research, insurance, manufacturing, and information technology. Much of the life sciences and biotechnology-related research is conducted or supported by the University of Western Ontario, which adds about C$1.5 billion to the London economy annually. Since the economic crisis of 2009, which gutted many of London's manufacturing jobs, the city has transitioned to become a technology hub with a focus on the Digital Creative sector. As of 2016, London is home to 300 technology companies that employ 3% of the city's labour force. Many of these companies have moved into former factories and industrial spaces in and around the downtown core, and have renovated them as modern offices.
London, Ontario | Economy
The city's budget for the fiscal year 2019 was $11.559 billion and is funded primarily by property taxes (the net budget) totaling $4.398 billion.
Economy of Toronto | Finance
(Also important, however, were the shocks caused by volatility in the market for wheat and by the weather itself on the growing season.) In Central Canada, the main staple was fur, and the fur trade dominated the economy for many years. This fur trade was controlled by large firms, such as the Hudson's Bay Company and thus produced the much more centralized, business-oriented society that today characterizes Montreal and Toronto.
Economic history of Canada | Staples thesis
Toronto is one of the centres of Canada's film and television industry, due in part to the lower cost of production in Canada. The city's streets and landmarks are seen in a variety of films, mimicking the scenes of American cities such as Chicago and New York. The city provides a diversity of settings and neighbourhoods to shoot films, with production facilitated by Toronto's Film and Television Office. Toronto is home to major film studios such as Pinewood Toronto Studios, Cinespace Film Studios and Revival 629. While the surrounding region has seen the arrival of new production spaces such as CBS Stages Canada and Markham Movieland.
Economy of Toronto | Media
Toronto is also home to a large startup ecosystem. In 2013, the city was ranked as the 8th best startup scene in the world and 3rd when it came to performance and support. The region has also emerged as the Canada's largest biotechnology cluster, with over 50% of the country's life sciences companies based in the area. Toronto's biotech industry is centered around the Discovery District, a 2.5 km area of the downtown core hosting a number of large hospitals, leading research institutions, and the MaRS buildings.
Economy of Toronto | Technology
A major new film studio, Filmport, started construction in 2006, with the first phase opening in March 2008 and the second phase in 2010, and features the largest sound stage in North America, at . The city also hosts the annual Toronto International Film Festival (TIFF), one of the largest in North America, as well as Hot Docs Canadian International Documentary Festival, the largest such festival in the continent.
Economy of Toronto | Media
The economy of Ontario is diversified. Ontario is the largest economy in Canada. Though manufacturing plays an important role in Ontario's economy responsible for 12.6% of Ontario's GDP, the service sector makes up the bulk, 77.9%, of the economy. Ontario’s net debt-to-GDP ratio will rise to 40.7% in the year 2019-2020. Ontario is the most populous province of Canada, with a population of approximately 14.19 million permanent residents in 2017. It is Canada's leading manufacturing province, accounting for 46% of the manufacturing GDP in 2017. The CPI inflation of the province in 2018 was confirmed to 2.2%, with the unemployment rate at 5.6% as of January 2019.
Economy of Ontario | Introduction
Economy of Toronto
Outline of Toronto | Economy and infrastructure of Toronto
Some of the former (including the Bank of Montreal) and a number of the latter subsequently relocated to Toronto, where French proficiency is not a necessity for business or employment.
Economy of Toronto | History
Toronto is a large hub of the Canadian and global technology industry, generating $52 billion in revenues annually. In 2017, Toronto tech firms offered almost 30,000 jobs which is higher than the combination of San Francisco Bay area, Seattle and Washington, D.C. The area bound between the Greater Toronto Area, the Kitchener-Waterloo region and the City of Hamilton was termed a "digital corridor" by the Branham Group, a region highly concentrated with technology companies and jobs similar to Silicon Valley in California. It is the third largest center for information and communications technology in North America, coming in behind New York City and Silicon Valley, with over 168,000 people and 15,000 companies working in the Toronto technology sector alone.
Economy of Toronto | Technology
Manufacturing in Canada was especially hit hard by the financial crisis of 2007–08. As of 2017, manufacturing accounts for 10% of Canada's GDP, a relative decline of more than 5% of GDP since 2005. Central Canada is home to branch plants to all the major American and Japanese automobile makers and many parts factories owned by Canadian firms such as Magna International and Linamar Corporation.
Economy of Canada | Manufacturing
Toronto is home to a sprawling and diverse commercial infrastructure. The Toronto Eaton Centre is the primary tourist attraction in Toronto, with over 47 million visitors per year. Other commercial areas that receives many tourists include the PATH network, which is the world's largest underground shopping complex and the eclectic Kensington and St. Lawrence Market. The Mink Mile and Yorkville neighbourhood is one of the most elegant shopping and dining districts in Toronto. Along Queen Street East, Toronto's biggest camera stores can be found there. Big-box stores are not generally found in downtown Toronto, but the suburbs have many large malls, big-box stores, as well as specialty stores, for example, stores selling discount fashions and lighting nearby Orfus Road close to Yorkdale Shopping Centre.
Economy of Toronto | Tourism
Canada is the world's tenth-largest economy , with a nominal GDP of approximately US$1.73 trillion. It is one of the least corrupt countries in the world, and is one of the world's top ten trading nations, with a highly globalized economy. Canada has a mixed economy ranking above the U.S. and most western European nations on The Heritage Foundation's Index of Economic Freedom, and experiencing a relatively low level of income disparity. The country's average household disposable income per capita is "well above" the OECD average. The Toronto Stock Exchange is the ninth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion.
Canada | Economy
Montreal has the second-largest economy of Canadian cities based on GDP and the largest in Quebec. In 2014, Metropolitan Montreal was responsible for of Quebec's GDP. The city is today an important centre of commerce, finance, industry, technology, culture, world affairs and is the headquarters of the Montreal Exchange. In recent decades, the city was widely seen as weaker than that of Toronto and other major Canadian cities, but it has recently experienced a revival. Industries include aerospace, electronic goods, pharmaceuticals, printed goods, software engineering, telecommunications, textile and apparel manufacturing, tobacco, petrochemicals, and transportation. The service sector is also strong and includes civil, mechanical and process engineering, finance, higher education, and research and development.
Montreal | Economy
Several Broadway theatrical hits originated in Toronto, such as the 1993 revival of "Show Boat" and "Ragtime". Venues for theatre include the historic Canon Theatre (formerly the "Pantages"), the Elgin and Winter Garden Theatres, the Princess of Wales Theatre, the Royal Alexandra Theatre, the Poor Alex Theatre, and the Harbourfront Centre. Theatres such as The Factory Theatre and Theatre Passe Muraille aim to produce distinctly Canadian theatre and have nurtured local artists including George F. Walker, Michael Healey and Ann-Marie MacDonald.
Culture in Toronto | Performing arts
Revenue sources for the city's operational budget consist of transfers and subsidies from the provincial and federal governments ($1.944 B), user fees ($1.205 B) and withdrawals from the reserve fund ($0.5 B). Property taxes represent 42% of the budget ($3.221 B), which is referred to as the "Net Operating Budget". All other sources total approximately $1.0 B. The most significant expenditures are: All other services individually represent less than 2% of expenditures.
Public services in Toronto | Operational finances
As the business and financial capital of the country, and one of the world's largest financial centres as per the British "Global Financial Centres Index", Toronto hosts the Toronto Stock Exchange (TSX), the third largest stock exchange in the Americas by market capitalization and ninth in the world as of January 31, 2015. In the 2017 Global Financial Centres Index, Toronto was ranked as having the tenth most competitive financial center in the world, alongside cities such as London, New York City, Singapore, Hong Kong, Tokyo, San Francisco, Chicago, Sydney, and Boston. It was the first North American exchange to employ decimal pricing, and one of the first in the world to use a fully computerized system.
Economy of Toronto | Finance
The Port of Hamilton and the Port of Toronto are the two largest seaports on Lake Ontario. The Welland Canal system handles tanker ship and recreational traffic through the Great Lakes. Large rail and truck distribution facilities are located in Toronto, Vaughan and Brampton. Food processing is also a key ingredient in the economy.
Golden Horseshoe | Economy
Toronto's theatre and performing arts scene has more than fifty ballet and dance companies, six opera companies, two symphony orchestras and a host of theatres. The city is home to the National Ballet of Canada, the Canadian Opera Company, the Toronto Symphony Orchestra, the Canadian Electronic Ensemble, and the Canadian Stage Company. Notable performance venues include the Four Seasons Centre for the Performing Arts, Roy Thomson Hall, the Princess of Wales Theatre, the Royal Alexandra Theatre, Massey Hall, the Toronto Centre for the Arts, the Elgin and Winter Garden Theatres and the Meridian Hall (originally the "O'Keefe Centre" and formerly the "Hummingbird Centre" and the "Sony Centre for the Performing Arts").
Toronto | Culture
There is also a significant maritime industry in Ontario in spite of its position mid-continent as it benefits from the Great Lakes, Welland Canal and St. Lawrence Seaway. Major Great Lakes ports include the Port of Hamilton, Port of Thunder Bay and Port of Windsor.
Economy of Ontario | Marine
The most important economic activity in Ontario is manufacturing, and the Toronto-Hamilton region is the most highly industrialized section of the country. The area from Oshawa, Ontario around the west end of Lake Ontario to Niagara Falls is known as the "Golden Horseshoe" and the centre of it is Hamilton. Under the 2001 Statistics Canada definition, the population was 6,704,598 in the 2001 census. In 2006 the population was approximately 8.1 million people. Major industrial products include motor vehicles and parts; iron, steel, and other metal products; foods and beverages; electrical goods; machinery; chemicals; petroleum and coal products; and paper products.
Economy of Hamilton, Ontario | Economy
Approximately four-fifths of Ontario's GDP is composed of service sector industries. The remaining one fifth is the goods sector. More than half of the goods sector is manufacturing. One-third is the construction sector, and a tenth is the utility sector.
Economy of Ontario | Sectors
Toronto has a broad and diverse cultural sector, and is a major scene for theatre and other performing arts. More than fifty ballet and dance companies, six opera companies, and two symphony orchestras are located in the city. Toronto is home to the National Ballet of Canada, the Canadian Opera Company, and the Toronto Symphony Orchestra. Notable performance venues include the Four Seasons Centre for the Performing Arts, Roy Thomson Hall, the Princess of Wales Theatre, the Royal Alexandra Theatre, Massey Hall, the Toronto Centre for the Arts, the Elgin and Winter Garden Theatres and the Hummingbird Centre. The Royal Ontario Museum (ROM) is a major museum for world culture and natural history.
Recreation in Toronto | Art and culture
The world's first exchange-traded fund (ETF) was listed in the exchange in 1990. The TSX is the world's largest exchange for the mining, oil and gas industry, the leader in cleantech listings, and is second in North America in the number of technology companies listed. Toronto is the fastest growing financial center in North America and the second largest in North America, after New York City and Chicago, with approximately 205,000 staff in the Canada's biggest banks and brokerages. In 2008, Forbes Magazine named Toronto the 10th most economically powerful city in the world, ahead of Madrid, Philadelphia and Mexico City.
Economy of Toronto | Finance
The cultural sector was estimated at 10.7 billion dollars in 2013.
Economy of Montreal | Arts and Culture
The city is in a successful agricultural area and has some auto parts manufacturing, but tourism is still the most significant aspect. According to an estimate by the Conference Board of Canada, it generates $140 million in economic activity, $65 million in taxes and 3,000 direct and indirect jobs. For the past few years however, the town has been working to attract more technical industries with Mayor Dan Mathieson spearheading the effort. The Royal Bank of Canada opened a $300 million data centre here, Starwood Hotels is experimenting with a new type of call centre, and the University of Waterloo has opened a satellite campus with about 500 students specializing in digital media and information technology, and as the home of the technology forum Canada 3.0 and various technology companies.
Stratford, Ontario | Economy
The fashion district is located near King and Spadina, close to the old Chinatown to the north and entertainment district to the east. Sunday shopping in Toronto first got its start in the fashion district in the 1980s.
Economy of Toronto | Tourism
Shipping by water was instrumental in Toronto's early growth, but this has diminished to the point where the harbour is lightly used by industry. The area around Pearson Airport, the country's busiest airport, has become one of the largest industrial areas. Further growth in the Toronto area is often attributed to the rise of Quebec separatism, though the extent of its influence is still contested by some, who argue that its effect was exaggerated by the English media. During the 1970s, the Quebec Liberal Party and the Parti Québécois enacted a series of French-language laws, which were perceived as unfavourable towards English-language businesses (especially multinational corporations, whose markets extended far beyond Quebec's borders) and English-speaking Montrealers.
Economy of Toronto | History
The second largest portion of the service sector is the business service and hire only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Toronto, Montreal and Vancouver (see Banking in Canada). The education and health sectors are two of Canada's largest, but both are largely under the influence of the government. The health care industry has been quickly growing, and is the third largest in Canada. Its rapid growth has led to problems for governments who must find money to fund it.
Economy of Canada | Service sector
Half of the largest companies in Canada are headquartered in the Greater Toronto Area as of 2013. A number of major corporations are based in the city, including Manulife Financial, TD Canada Trust, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, Bank of Montreal, Celestica, Four Seasons Hotels and Resorts, Rogers Communications, and many others. Many other companies are also based in the Greater Toronto Area outside of the city limits, such as BlackBerry, IBM Canada, General Motors, Magna International and Walmart Canada. Several companies with their Canadian headquarters located in Toronto include: Several companies with their global headquarters located in Toronto include:
Economy of Toronto | Corporate headquarters based in Toronto
Canada has access to cheap sources of energy because of its geography. This has enabled the creation of several important industries, such as the large aluminum industries in British Columbia and Quebec. Canada is also one of the world's highest per capita consumers of energy.
Economy of Canada | Energy
Harold Innis (1894–1952), based in the history department at the University of Toronto, and William Archibald Mackintosh (1895–1970), based in the economics department at Queen's University developed the Staples thesis. They argued that the Canadian Economy (beyond the level of subsistence farming) was primarily based on exports of a series of staples—fish, fur, timber, wheat—that shipped to Britain and the British Empire. Industrialization came much later. The thesis explains Canadian economic development as a lateral, east–west conception of trade. Innis argued that Canada developed as it did because of the nature of its staple commodities: raw materials, such as fish, fur, lumber, agricultural products and minerals.
Economic history of Canada | Staples thesis
Canada's economy at the time was just starting to industrialize primary industries (agriculture, fishing, mining and logging) to manufacturing. Exports and prices of raw materials plunged, and employment, prices and profits fell in every sector. Canada was the worst-hit (after the United States) because of its economic position. It was further affected as its main trading partners were the U.S. and Britain. The hardest-hit cities were the heavy industry centers of Southern Ontario. They included Hamilton (Canada's largest steel center), Toronto, Tilbury, and Windsor, an automotive manufacturing center linked to its larger neighbour, Detroit. In Ontario, unemployment skyrocketed to roughly 45%.
Cities in the Great Depression | Canada
The economy of Montreal is the second largest of all cities in Canada and the first in Quebec. Montreal is a centre of commerce, industry, technology, culture, finance, and world affairs. In 2015, Metropolitan Montreal was responsible for $193 Billion CDN of Quebec's $370 Billion CDN GDP.
Economy of Montreal | Introduction
In recent years, the Chinese economy in the Greater Toronto Area has changed from local restaurants and grocery stores to consumer services in large shopping centres. That has brought more shopping centres to the inner and outer suburbs, enlarging Toronto's economy. Much like in Los Angeles, the Chinese population in Toronto also stratifies along lines of origin and socioeconomic class that show up in residential patterns. Immigrants from Hong Kong were the largest population from China to Toronto and moved to Markham and Richmond Hill, which influenced the style of the new upscale shopping centres. Immigrants from Taiwan settled in North York because of the public school system.
Ethnoburb | Toronto, Ontario
(Also important, however, were the shocks caused by volatility in the market for wheat and by the weather itself on the growing season.) In central Canada, the main staple was fur, and the fur trade dominated the economy for many years. This fur trade was controlled by large firms, such as the Hudson's Bay Company and thus produced the much more centralized, business-oriented society that today characterizes Montreal and Toronto. Donald Creighton (1902–1979) was a leading historian who built upon the Staples thesis in his "The Commercial Empire of the St-Lawrence: 1760–1850" (1937). His Laurentian thesis showed how the English merchant class came to dominate Canadian business through their control of the export of staples via the St-Lawrence River.
Historiography of Canada | Staples thesis
Important products include motor vehicles, iron, steel, food, electrical appliances, machinery, chemicals, and paper.
Ontario | Economy
and Toronto Stock Exchange form the financial district, the financial heart of Canada. Toronto also became the corporate capital of Canada with the majority of Canadian companies having their head offices there. Notable examples include: George Weston Limited, Onex Corporation, Magna International Inc., Wal-Mart Canada Corporation and Brookfield Asset Management Inc.
History of Toronto | 1970–1997
The general pattern of development for wealthy nations was a transition from a raw material production based economy to a manufacturing based one, and then to a service based economy. At its World War II peak in 1944, Canada's manufacturing sector accounted for 29% of GDP, declining to 10.37% in 2017. Canada has not suffered as greatly as most other rich, industrialized nations from the pains of the relative decline in the importance of manufacturing since the 1960s. A 2009 study by Statistics Canada also found that, while manufacturing declined as a relative percentage of GDP from 24.3% in the 1960s to 15.6% in 2005, manufacturing volumes between 1961 and 2005 kept pace with the overall growth in the volume index of GDP.
Economy of Canada | Manufacturing
Scarborough is a former borough of the former Metropolitan Toronto, and as such, its economy is an integral component of the economy of Toronto. Compared to the City of Toronto as a whole, industry in Scarborough is similar in all labour force categories, save for manufacturing which is higher in Scarborough, and professional, scientific and technical services which are lower. Notable companies that have their headquarters in Scarborough include Toyota Canada, Owens Corning (Toronto), Elizabeth Grant International, Enterprise Holdings, Inc., Thomson Carswell, Bell Media, Teva Canada, Cinram, Royal Doulton, SKF, Amphenol, Dart Canada, Mastermind Toys, Alfa Laval, President's Choice Financial, Aviva, Yellow Pages Group, Telus, and Lee Kum Kee Canada.
Scarborough, Toronto | Economy
The section of Highway 401 between Toronto and Waterloo has become one of North America's largest tech hubs with a large concentration of technology companies clustered in Toronto, Markham and Waterloo.
Economy of Ontario | High tech
In 2010, Canada had the lowest debt-to-GDP ratio in the G7 economies. "The Economist" magazine stated that Canada had come out the recession stronger than any other rich country in the G7. In 2013, Canada came out with Global Markets Action Plan to generate employment opportunities for Canadians.
Stephen Harper | Economic management
The money will support the construction of the David Braley Cardiac, Vascular & Stroke Research Institute which, when it is complete in 2009, will house two prestigious research teams—the "Population Health Research Institute" and the "Henderson Research Centre."
Economy of Hamilton, Ontario | Science and education
Within the Greater Toronto Area, Vaughan is the third-largest employment center, after Toronto and Mississauga. With a real Gross Domestic Product (GDP) of $20.6 billion in 2018, it is the largest contributor (35%) to York Region's economy. In 2018, the City was home to 12,105 businesses employing more than 222,000 people. Between 2008 and 2018, Vaughan's average annual employment growth was 3.2% and its business growth was 2.9%, exceeding provincial and national rates. Manufacturing continues to dominate the local economy, accounting for 22% of total employment, followed by Construction (13%), Retail Trade (12%), Wholesale Trade (10%) and Transportation and Warehousing (6%).
Vaughan | Economy
Burlington's economic strength is the diversity of its economic base, mainly achieved because of its geography, proximity to large industries in southern Ontario (Canada's largest consumer market), its location within the Greater Toronto and Hamilton Area (GTHA) and proximity to Hamilton, and its transportation infrastructure including the Port of Hamilton on Burlington Bay. This diversity has allowed for sustained growth with regards to the economy. The city has a robust economy with potential for growth – it is at the hub of the Golden Horseshoe, is largely driven by both the automotive and manufacturing sectors. No single employer or job sector dominates Burlington's economy.
Burlington, Ontario | Economy
Toronto's population was 2.93 million people as of 2017, while the population of the Toronto census metropolitan area was 5.92 million as recorded in the 2016 Canadian Census.
Economy of Toronto | Introduction
Southern Ontario has a well-developed transportation infrastructure that allows for the efficient transportation of goods. The province has a number of controlled-access highways with the 400-Series highways which run primarily west to east from Michigan and New York state through the Greater Toronto Area to Quebec and facilitate trade with the United States.
Economy of Ontario | Road
Toronto is home to Canada's most active English language theatre scene; indeed, the Canadian actor, playwright and theatre critic David Gardner has claimed: "With over 168 nonprofit companies and a host of independent commercial enterprises, Toronto has emerged as the world's third-largest centre for English-language theatre, behind only London and New York." Toronto's Soulpepper Theatre Company regularly stages classic works by Ibsen, Chekhov and Shakespeare, while the Canadian Stage Company has mounted performances of "Shirley Valentine", "Frankenstein" and "It's a Wonderful Life". Harold Green Jewish Theatre has staged such pieces as "Kindertransport" and "Tuesdays with Morrie". Tarragon Theatre not only has performed pieces by Strindberg, Chekhov, etc., but has helped playwrights to develop and stage new works.
Culture in Toronto | Performing arts
The economy of Canada is a highly developed market economy. It is the 10th largest GDP by nominal and 16th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion in 2019. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.
Economy of Canada | Introduction
Service industries are now the primary employers but manufacturing is still an important sector along with food processing, automotive supplies, electronics, aerospace and life sciences/biotechnology. General Electric (since 1892) closed its operations in the city in 2018 but Quaker Oats still employs 700. The city is also a 'bedroom' community for workers commuting to Oshawa and East Toronto. In spite of rapidly increasing home prices in spring 2017, homes are more affordable than in many other areas, including Durham. The Peterborough Regional Health Centre is the largest employer, with about 2,000 employees in 2017. School boards, local government, Trent University and the Ontario Ministry of Natural Resources are other large employers.
Peterborough, Ontario | Economy
Kingston's economy relies heavily on public sector institutions and establishments. The most important sectors are related to health care, higher education (Queen's University, the Royal Military College of Canada, and St. Lawrence College), government (including the military and correctional services), tourism and culture. Manufacturing, and research and development play a smaller role than in the past. The private sector accounts for half of Kingston's employment. One of Kingston's major industrial employers of the 20th century, the Canadian Locomotive Company, closed in 1969, and the former Alcan and DuPont operations employ far fewer people than in the past. But due to the city's central location between Toronto, Ottawa, Montreal and Syracuse, NY a trucking and logistics warehousing industry has developed.
Kingston, Ontario | Economy
Between the end of World War II and 1971, both Montreal and Toronto grew enormously in size. Between 1941 and 1951, Montreal's population grew by 20% and Toronto's by 25%. Between 1951 and 1961, Montreal grew by 35% and Toronto 45%. And from 1961 to 1971, Montreal grew by a little less than 20% and Toronto 30%. In the early 1970s, 30 years after Toronto had begun challenging Montreal as the economic capital of Canada, Toronto surpassed Montreal in size. Indeed, the volume of stocks traded at the Toronto Stock Exchange surpassed that traded at the Montreal Stock Exchange in the 1940s.
Economy of Montreal | Montreal and Toronto
Notably, the five largest banks in Canada all have their operational headquarters in Toronto's Financial District. Toronto is also home to the headquarters of the Toronto Stock Exchange and the Standard and Poor TSX Composite Index and offices of the TSX Venture Exchange. The TMX Group, the owners and operators of TSX Exchanges as well as the Montreal Exchange, are also headquartered in Toronto. The TSX and the TSX Venture Exchange represent 3,369 companies, including more than half of the world's publicly traded mining companies.
Greater Toronto Area | Economy
For centuries, Montreal served as the centre of commerce in Canada, goods that flowed in and out of the nation, at some point transversed through the ports of the city. Conveniently located in the middle of the St. Lawrence River, it had always been used as a trading post before the arrival of Europeans and long afterwards, however, by the beginning of the 1960's multiple economic and cultural shifts began to converge and it left the city in despair. Between 1930 and 1960 Toronto slowly began to replace Montreal as the financial capital of Canada. As the United States' industrial output eclipsed that of Britain; it began to take the place of Canada's chief economic partner.
Chateau Royale (Hamilton, Ontario) | Absorbing the Quiet Revolution
Small business and self-employment levels also rank amongst the highest in Canada. Calgary is a distribution and transportation hub with high retail sales. Calgary's economy is decreasingly dominated by the oil and gas industry, although it is still the single largest contributor to the city's GDP. In 2006, Calgary's real GDP (in constant 1997 dollars) was C$52.386 billion, of which oil, gas and mining contributed 12%. The larger oil and gas companies are BP Canada, Canadian Natural Resources Limited, Cenovus Energy, Encana, Imperial Oil, Suncor Energy, Shell Canada, Husky Energy, TransCanada, and Nexen, making the city home to 87% of Canada's oil and natural gas producers and 66% of coal producers.
Calgary | Economy
Canada has an important high tech industry, and a burgeoning film, television, and entertainment industry creating content for local and international consumption (see Media in Canada). Tourism is of ever increasing importance, with the vast majority of international visitors coming from the United States. Casino gaming is currently the fastest-growing component of the Canadian tourism industry, contributing $5 billion in profits for Canadian governments and employing 41,000 Canadians as of 2001.
Economy of Canada | Service sector
The CME Group, in addition, owns the New York Mercantile Exchange (NYMEX), the Commodities Exchange Inc. (COMEX), and the Dow Jones Indexes., as well as headquarters of the Federal Reserve Bank of Chicago (the Seventh District of the Federal Reserve). Toronto is an international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization. The five largest financial institutions of Canada, collectively known as the Big Five, have national offices in Toronto.
Great Lakes region | Financial
The town has food-processing enterprises (a cannery, a dairy factory, a brewery, a meat-processing plant, etc.), a knitting mill, a clothes and a shoe factory.
Yessentuki | Economy
There are a myriad of small businesses, most of which are independently owned and operated. These include specialty gift shops, pharmacies, grocers (including organic specialty), health food stores, clothing and shoe boutiques, cafes and restaurants, book and music stores, video stores, art shops, hardware stores and law offices. The former S.S. Kresge store, now a Royal Bank, was built in 1936 and retains its original Kresge signage. The majority of shops are accommodated in two or three-storey structures built in the first half of the 20th century, with the retail portion on the ground floor and apartments above. Roncesvalles is very well known for the large number of small restaurants, cafés and specialty food shops of various cuisines.
Roncesvalles, Toronto | Economy
In 2018, Canadian trade in goods and services reached trillion. Canada's exports totalled over billion, while its imported goods were worth over billion, of which approximately billion originated from the United States, billion from non-U.S. sources. In 2018, Canada had a trade deficit in goods of billion and a trade deficit in services of billion. Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one. Like many other developed countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce.
Canada | Economy
Textiles, wood products and furniture products have long been the heart of the economy, but their presence have declined in the past years. A large Lactantia factory producing butter, cheeses and other dairy products has been a major employer for decades. Water filtered from Réservoir Beaudet is said to be some of the best water worldwide.
Victoriaville | Economy
This article is about the Economy of Hamilton, Ontario.
Economy of Hamilton, Ontario | Introduction
Harold Innis (1894–1952), based in the history department at the University of Toronto, and William Archibald Mackintosh (1895–1970), based in the economics department at Queen's University developed the Staples thesis. They argued that the Canadian Economy (beyond the level of subsistence farming) was primarily based on exports of a series of staples—fish, fur, timber, wheat—that shipped to Britain and the British Empire. Industrialization came much later. The thesis explains Canadian economic development as a lateral, east-west conception of trade. Innis argued that Canada developed as it did because of the nature of its staple commodities: raw materials, such as fish, fur, lumber, agricultural products, and minerals.
Historiography of Canada | Staples thesis
In 2017, the Canadian economy had the following relative weighting by industry, as percentage value of GDP:
Economy of Canada | Key industries
These cities experienced strong growth during this period that would see them gain national prominence in the latter part of the century. Toronto: Toronto gained considerable industrial, cultural and demographic strength from 1920 to 1970. The industrial strength of Toronto area was reinforced with the establishment in 1918 of an auto production plant by General Motors in nearby Oshawa, where it produced Buicks, Oldsmobiles and Oaklands and by Studebaker Canada Ltd. which produced cars in Hamilton from 1946 to 1966. Steel for the production of these cars came from the nearby mills of Stelco and Dofasco in Hamilton and gasoline, from refineries in Sarnia.
History of cities in Canada | Toronto and Southern Ontario cities - waiting in the wings
The St. Lawrence became a monopoly route as other regions (like New York) lacked the waterways and rivers needed to transport timber. Between 1864 and 1866, 400 million board feet of British North American lumber passed through New York, and wood exports to the States from Canada were worth almost $7 million in 1866 to 1867. All the while, the demand for wheat and other agricultural products was growing, but was subjected to considerably greater competition from other regions, and the livestock and dairy industries, in addition to banks, which began to flourish. In the early 20th century, Western Canada swelled with the influx of immigrant populations, and Ontario made the shift from being an export to domestic economy: the exported butter and cheese industry shifted into the milk industry for domestic consumption, winter dairying expanded, and the Ontario's apple industry declined in exports but increased consumption in Ontario and Western Canada.
Economy of Ontario | History
After the change of regime, several foreign-owned companies appeared in the city. In the early 2000s, the largest employers were Hübner Flextronics Ltd. and Hirsch's, but during the period of economic recession, many companies eliminated several thousand jobs. Today, the largest public companies are the Lego Manufacturing Kft. and the Michelin Hungaria Abroncsgyártó Kft., providing employment for about 3000 people.
Nyíregyháza | Economy
The main source of economy depend on cultivation and farming. The main crops are latex, pepper and seasonal fruits like banana.
Madukka | Economy
The manufacturing sector employed 764,000 persons in August 2019. The province has lost 300,000 manufacturing jobs in the ten years 2003–2013.
Economy of Ontario | Manufacturing
The major source of income is agriculture and small business. Agriculture constitutes nearly 80% of the local economy. Crops include wheat, oil seeds and pulses. Nearly 50% of the land is utilized for agricultural activities.
Dangtola | Economy
The economy of Vancouver is one of the most vibrant in Canada. It is Canada's official gateway to the Pacific Rim, a major port, and the main western terminus of transcontinental highway and rail routes. Vancouver has successfully transitioned from a predominantly resource-based economy to a diverse knowledge-based one, and in recent years has been the fastest growing economy in Canada. According to the Conference Board of Canada, in 2017 Vancouver's GDP was , with a GDP growth rate of 4.5%, meaning that Vancouver represents approximately 7.5% of Canada's overall economy. Major economic sectors include trade, film and TV, technology, tourism, natural resources, and construction.
Economy of Vancouver | Introduction
As the head of the University of Toronto's political economy department, he worked to build up a cadre of Canadian scholars so that universities would not continue to rely as heavily on British or American-trained professors unfamiliar with Canada's history and culture. He was successful in establishing sources of financing for Canadian scholarly research.
Harold Innis | Introduction
Montreal industries include aerospace, electronic goods, pharmaceuticals, printed goods, software engineering, telecommunications, textile and apparel manufacturing, tobacco, tourism and transportation. The service sector is also strong and includes civil, mechanical and process engineering, finance, higher education, and research and development. In 2002, Montreal ranked as the 4th largest center in North America in terms of aerospace jobs.
Economy of Montreal | Industries
The beginning of recorded history in Ontario is marked by the fur trade between Europeans and Native Americans, from which spawned various battles between various European and Native Americans peoples (the French, English, Iroquois and Hurons). As a result of the Jay Treaty in 1793, the fur trade spread to the Northwest and the need for better transport facilities (in addition to the population) grew. 6000 bushels of wheat were bought at Kingston in 1799, and flour was sold in Montreal and Toronto in 1800. The American Revolution, French Revolution, and the Napoleonic Wars (in addition to subsequent immigration from the War of 1812) greatly stimulated the burgeoning timber trade in Ontario.
Economy of Ontario | History
Under Mike Harris in Ontario during the 1990s, industry and social responsibilities were transferred to the cities. Toronto during this time was forced to amalgamate and enter a period of development. The Amalgamation of Toronto was intended as a cost-saving measure and, in 2000, Michael R. Garrett noted a yearly savings of $136.2 million (CDN) However, in 2007, Barry Hertz reported in the conservative national newspaper National Post that cost savings never materialized. He also noted that government staff had grown, with the city employing 4,015 more people in 2007 than it did in 1998.
Economic liberalization in the post–World War II era | Canada
Canada has a private to public (Crown) property ratio of 60:40 and one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.S. in its market-oriented economic system and pattern of production. As of 2019, Canada has 56 companies in the Forbes Global 2000 list, ranking ninth just behind South Korea and ahead of Saudi Arabia.
Economy of Canada | Overview
Toronto's Theatre District includes the venerable Roy Thomson Hall; the Princess of Wales Theatre; the Tim Sims Playhouse; The Second City; the Canon Theatre; the Panasonic Theatre; the Royal Alexandra Theatre; historic Massey Hall; and the city's new opera house, the Sony Centre for the Performing Arts. Toronto's Theatre District also includes the Theatre Museum Canada. Montreal's theatre district ("Quartier des Spectacles") is the scene of performances that are mainly French-language, although the city also boasts a lively anglophone theatre scene, such as the Centaur Theatre. Large French theatres in the city include Théâtre Saint-Denis and Théâtre du Nouveau Monde.
Culture of Canada | Theatre
In recent years following the Great Recession, regions or cities such as Windsor, Oshawa, London and Peterborough, heavily dependent on auto manufacturing have been severely impacted by unemployment. In December 2013 Toronto proper unemployment rate deteriorated to 10.1%.
Unemployment in Ontario | Unemployment by region
Ontario is Canada's leading manufacturing province, accounting for 52% of the total national manufacturing shipments in 2004. Ontario's largest trading partner is the American state of Michigan. , Moody's bond-rating agency rated Ontario debt at AA2/stable, while S&P rated it AA-. Dominion Bond Rating Service rated it AA(low) in January 2013. Long known as a bastion of Canadian manufacturing and financial solvency, Ontario's public debt-to-GDP ratio is projected to be 38.4% in fiscal year 2023–2024. Mining and the forest products industry, notably pulp and paper, are vital to the economy of Northern Ontario. As of 2011, roughly 200,000 ha are clearcut each year; herbicides for hardwood suppression are applied to a third of the total.
Ontario | Economy
Hamilton has lost some of its biggest industrial employers over the years. Several reasons have been cited for the job losses such as the high dollar, high energy prices and overseas competition; a challenge that all of North America has had to learn to deal with, not just Hamilton, Ontario. The city has been able to weather the storm and recover better than most North American cities and the three primary reasons are; its close proximity to Canada's largest and wealthiest market, Toronto, its close proximity to the Canada-U.S.A. border and third, it being home to the busiest Canadian Great Lakes port.
Economic history of Hamilton, Ontario | Loss of big industry
Canada is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains. Canada is a major exporter of agricultural products, to the United States and Asia. As with all other developed nations the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century. The agriculture and agri-food manufacturing sector created $49.0 billion to Canada's GDP in 2015, accounting for 2.6% of total GDP. This sector also accounts for 8.4% of Canada's Greenhouse gas emissions. As with other developed nations, the Canadian agriculture industry receives significant government subsidies and supports.
Economy of Canada | Agriculture
Transit City was expected to create approximately 200,000 new jobs in Ontario from $8.3 billion invested. This included operation, construction, and economic stimulus effect of spending. Unemployment reached 9% in 2010, the GTA's highest level since 1995. The Ontario government's promised funding for Transit City would create short-term economic growth of $12.4 billion per year, adding in the near-term 2.1% to Ontario's GDP, according to the American Public Transportation Association. According to the Federation of Canadian Municipalities research, Transit City was to produce a first-year GDP gain of $17.3 billion, were all the money to be spent in the first year.
Transit City | Economic effect
Companies like General Electric, which employed about 6,000 people at its peak, had a major impact on the growth of the city. The North American Free Trade Agreement (NAFTA) of the early 1990s saw a major shift in trading patterns for many Canadian companies. Other innovations like just-in-time delivery and pressure to produce ever cheaper goods impacted some of the large multi-nationals in the 1970s and 1980s.
Peterborough, Ontario | Economy
Insurance companies, including, Sun Life, 1865, Mutual Life, 1870, Confederation Life, 1871 and London Life, 1874, were also founded during these years. Markets for the exchange of investments came to Canada as well, with the establishment of the Montreal Stock Exchange in 1832, the Toronto Stock Exchange in 1861 and the Winnipeg Commodity Exchange in 1904. The repeal of the Corn Laws by the Parliament of Britain in 1846, terminated colonial trading preferences and marked the symbolic end of mercantilism in Canada while ushering in the new era of capitalism.
Economic history of Canada | Capitalism and finance
In the first half of the 20th century, the original name of the neighbourhood was the Garment District and it was almost wholly industrial. The railways controlled a huge amount of land along the Lake Ontario waterfront, and to the north many firms took advantage of the easy access to rail and the harbour. The most important industry was textiles and fashion, and the area had few residents. Much of the area was built after the 1904 fire, which forced many businesses to move west of the Bay Street and Front area. Among the industry, the area was home to the Royal Alexandra Theatre.
Toronto Entertainment District | Garment District
Solar panels are also manufactured in Ontario.
Economy of Ontario | Energy
According to the Corruption Perceptions Index, Canada is one of the least corrupt countries in the world, and is one of the world's top ten trading nations, with a highly globalized economy. Canada historically ranks above the U.S. and most western European nations on The Heritage Foundation's index of economic freedom, and experiencing a relatively low level of income disparity. The country's average household disposable income per capita is "well above" the OECD average. The Toronto Stock Exchange is the ninth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion.
Economy of Canada | Introduction
To the west of the financial district is the Entertainment District. It is home to hundreds of restaurants, nightclubs, sporting facilities, boutiques, hotels, attractions, and live theatre. The district was formerly an industrial area and was redeveloped for entertainment purposes in the early 1980s, becoming a major centre for entertainment. The redevelopment started with the Mirvish family refurbishing of the Royal Alexandra Theatre and their construction of the Princess of Wales Theatre. The area is now the site of Roy Thomson Hall and the Canadian Broadcasting Centre.
Downtown Toronto | Neighbourhoods
The underpinnings of the local economy are based on Moncton's heritage as a commercial, distribution, transportation, and retailing centre. This is due to Moncton's central location in the Maritimes: it has the largest catchment area in Atlantic Canada with 1.6 million people living within a three-hour drive of the city. The insurance, information technology, educational, and health care sectors also are major factors in the local economy with the city's two hospitals alone employing over five thousand people. Moncton has garnered national attention because of the strength of its economy. The local unemployment rate averages around 6%, which is below the national average.
Moncton | Economy
Toronto replaced Montreal as the nation's premier business centre because the nationalist movement in Quebec, particularly with the success of the Parti Québécois in 1976, systematically drove Anglophone business away. Depressed economic conditions in the Maritime Provinces have also resulted in de-population of those provinces in the 20th century, with heavy migration into Ontario. Ontario has no official language, but English is considered the "de facto" language. Numerous French language services are available under the French Language Services Act of 1990 in designated areas where sizable francophone populations exist.
History of Ontario | Toronto as business centre
Alternative theatres were also already in existence in this area with Theatre Passe Muraille owning a former warehouse and the Factory Theatre in a former manse. Toronto has emerged as the world's third-largest centre for English-language theatre, behind only London (West End theatre) and New York (Broadway theatre)."
Toronto Entertainment District | 1990s: Birth of the Entertainment District