Amazon, a company that over the past few years has built a tech empire in the Greater Toronto Area, has announced a new fulfillment facility is coming to the City of Toronto.
The new fulfillment centre will be Amazon’s 12th in Canada and seventh in Ontario. Other operations facilities in the GTA include Brampton, Mississauga, Milton, and Caledon, but this is the first in the City of Toronto.
The 1-million square foot facility that is to open in Scarborough will create 600 new full-time jobs.
Amazon currently employs over 4,000 full-time associates in Ontario and an additional 1,000 employees in the two Toronto tech hub locations. The employment opportunities the company provides is heightened by the fact that they plan to create a further 6,000 new jobs across Canada.
Vibhore Arora, Director of Regional Operations of Amazon Canada, said: “We’re excited about our growth in Toronto, which gives us the opportunity to better serve our customers in the region. The GTA has a talented workforce, and we are committed to providing the area with job opportunities that have great pay and benefits.”
With Toronto establishing itself as one of the world leaders for technology, the announcement from Amazon is just the latest example of an international technology company choosing Toronto to base some of its operations.
Toronto as a tech hub
The GTA remains the fastest-growing tech hotspot in Canada, accelerating its tech sector by 50% in just the last five years. And in 2017, Toronto was identified as having the highest growth of tech jobs in all of North America.
Such is the power of Toronto’s tech economy, it now contributing heavily to the overall economic health of the province.
Amazon aside, the tech boom in Toronto is lifted by other multinational companies such as Microsoft who are opening a Toronto HQ in 2020. This office will initially hire 500 employees and 500 students but they have estimated the new HQ will create an estimated 60,000 new jobs.
Tech industry and Toronto real estate
What does this mean for Toronto real estate? Well, GTA’s strong economy, diversity, connectivity, and quality of life continue to attract businesses and newcomers to the region every year.
With such a constant increase in population growth, the area’s housing supply been able to keep up, leading to increased demand. The Toronto Real Estate Board found that home sales in the GTA in August were up 13.4 percent compared with a year ago, an increase from 6,797 sales to 7,711.
Because supply hasn’t been able to keep up with demand, the cost of property in Toronto has subsequently begun to creep up again in 2019.
Toronto’s booming technology economy instigates a forecast of a consistent rise in property values in GTA. With no sign of slowing down, now is a good time to invest in Toronto real estate.