Tech layoffs were down markedly in 2024 from 2023, but hiring companies in Canada continue to battle with brain drain among other concerns, concludes an annual report.
iNovia Capital’s “State of Canadian Software” also performed a “deep dive” into the country’s primary tech hubs, charting their growth since 2020.
Toronto, Canada’s largest hub, has a tech workforce of well over 300,000 following five-year growth of over 40%. The region ranks fourth in North America for growth.
Ottawa, the fastest-growing workforce over five years, expanded by more than 50% to nearly 100,000 strong. It’s 10th in North America.
Vancouver has a bigger tech workforce than Ottawa but it grew more slowly, gaining 31% over five years, and slots in 11th across NA.
Montreal, with the second largest workforce in Canada behind Toronto, grew 30%. Waterloo’s force expanded by 46% but remains small in the shadow of Toronto.
These tech hubs have close to 10% of their entire workforces dedicated to tech, marking some of the highest densities of tech talent on the continent.
Each hub is noted for having a mixture of universities, accelerators, startups, and anchors that combine to create a fully fledged innovation ecosystem.
As far as popular roles go, full-stack and back-end developers remain as desired as ever. Engineers, especially those with machine learning experience, are also hotly demanded. In general, the proliferation of positions utilizing AI-related skills is rising rapidly.
“This year’s report dives into how the industry adapts to global trends while seizing growth
opportunities,” writes iNovia cofounder Chris Arsenault in his report’s executive summary.
“From the rise of the AI supercycle fueling a startup boom to Canada’s leadership in quantum technology, to the strong momentum in Western Canada, and Ontario’s emergence as a global tech talent hub, Canada is punching above its weight on the global stage, with technology driving an increasingly diverse and competitive economy,” he stated.
