We all knew it was coming, because, well, we’re arrogant Torontonians.
By 2017, Toronto will surpass London to become the world’s financial centre, according to Moody’s Analytics. Canada currently employs 320,000 in its banking sector, while London employs 400,000.
It’s no surprise really. Since the global financial meltdown of 2008, the Canadian economy has remained quite stable, with a strong dollar and stable banking sector (not to mention zero government bailouts).
“Rather than suffering from the widespread layoffs seen in other financial capitals such as New York City and London, Toronto experienced only a small downturn and has been enjoying two banner years since then, with steady job growth, exploding downtown real estate prices, and a construction boom that is making cranes as prevalent a feature as skyscrapers on the city’s skyline,” says Moody’s Mark Hopkins.
Compared to Europe who depend heavily on their governments for employment, Canadian public sector jobs sit at around 20% of the market.
The secret? “Being conservative,” says Moody’s (who’s clearly never been to Chris Randle’s DJ nights, but I digress).
Still, don’t expect a cultural shift. As Global Finance suggests, Canada’s financial role will look more like Switzerland’s, with “foreign investors buying up Canadian assets, equities and bonds as a hedge against economic turmoil,” rather than corporate or commercial.
Jessica Carroll is the Standard’s editorial assistant. Follow her on Twitter at @jssckr.