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Toronto Tech Boom

Facebook owner Meta to build Canadian engineering hub in Toronto, creating 2,500 new jobs


March 29, 2022

Meta Platforms Inc. — parent company of Facebook, Instagram and WhatsApp — announced plans to open a new Canadian engineering hub located in Toronto Tuesday afternoon.

The company says the new hub will provide 2,500 new openings over the next five years for both remote and in-office positions.

According to a statement issued Tuesday, the Toronto hub will introduce Canada's first WhatsApp, Messenger and Remote Presence engineering teams, while growing the existing Canadian Reality Labs and AI Research teams.


Global's take on the story is here:


It offers this tidbit:

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Internet Domain Name .toronto coming soon.​


From link.

Right now, if you want an internet domain name that screams 'Toronto,' your best bet is to actually invest thousands of kilometres away in the far-off island kingdom of Tonga, which has .to as its internet country code top-level domain.

But that all could soon change according to a new lobbying file opened by the Canadian Internet Registration Authority (CIRA), which could create a brand new top-level domain code specifically for the City of Toronto.
News of the new domain appeared in the City of Toronto's lobbyist registrar in a March 31 application that claims "CIRA will be discussing the merits for the City of Toronto to apply or not to apply for the .TORONTO top-level domain when the next application round is opened by the Internet Corporation for Assigned Names and Numbers."

It opens up some amazing possibilities for joke URLs like youcantafford.toronto or the905isnot.toronto, or even more serious ones for existing entities like universityof.toronto or cityof.toronto.

And it isn't just a novelty. Top-level domains like the .ca seen at the end of many Canadian websites immediately indicate to online shoppers and other web surfers that they are in the right place, and not browsing prices in foreign currency or accidentally looking at a similarly named business abroad.

Though currency is not as much of a factor when introducing city-specific domains, they can still help to establish a sense of place for businesses trying to fine-tune their online presence.
Dozens of cities around the globe already have their own top-level domains, including a few right here in North America like Boston (.boston), Miami (.miami), New York City (.nyc), and Las Vegas (.vegas), while the province of Quebec also has its own .quebec domain.

Wonder about the other "Toronto"'s around the world?

Canada​

Toronto, Prince Edward Island, an unincorporated area

United States​

Elsewhere​

 

Internet Domain Name .toronto coming soon.​


From link.





Wonder about the other "Toronto"'s around the world?

Canada​

Toronto, Prince Edward Island, an unincorporated area

United States​

Elsewhere​

Sounds very cringey.
 
More office space being filled as Toronto adds more tech jobs!

U.S. cloud computing giant Snowflake is setting up shop here.


Looks to be hiring several hundred software engineers; who will be based out of 50,000ft2 of space in the Bay-Adelaide Centre
 

Job losses are almost always unfortunate, particularly on a mass scale (not merit based).

That said, Unemployment in Canada just hit a record low this past month.


I certainly would not discount the possibility of a recession to the extent that interest rates rise significantly in the near term.

That will doubtless have its consequences.

However, on a net basis, over the medium term, I don't foresee negative prospects for Canada, currently. (I didn't foresee the pandemic, so don't measure me against the unknowable, LOL)

But to the extent American tech. companies come under fiscal pressure in the near term; shifting jobs to Canada is a cost-savings.
 
Job losses are almost always unfortunate, particularly on a mass scale (not merit based).

That said, Unemployment in Canada just hit a record low this past month.


I certainly would not discount the possibility of a recession to the extent that interest rates rise significantly in the near term.

That will doubtless have its consequences.

However, on a net basis, over the medium term, I don't foresee negative prospects for Canada, currently. (I didn't foresee the pandemic, so don't measure me against the unknowable, LOL)

But to the extent American tech. companies come under fiscal pressure in the near term; shifting jobs to Canada is a cost-savings.
100%, I joined a US based firm that doesn't have office presence in Canada this year. We're expanding pretty rapidly North of the US border.

I get your point about the record low unemployment. I have limited economics background so it's hard for me to understand how low unemployment pairs with high inflation. Something I have to look at.

3rd point, the job cuts in the tech sector is a bit concerning though I'm not concerned for my job stability. I'm on the younger side of things and do have transferable skills to pivot. More cuts announced today (Wealthsimple most likely because of crypto and Spotify slowing recruiting)
 
I have limited economics background so it's hard for me to understand how low unemployment pairs with high inflation.
It's pretty straightforward. Low unemployment causes employers to offer higher wages to fill positions. The higher cost structure requires those employers to charge higher prices to cover their expenses.

 
It's pretty straightforward. Low unemployment causes employers to offer higher wages to fill positions. The higher cost structure requires those employers to charge higher prices to cover their expenses.


I agree with this as far it goes.

I would add; low unemployment driven inflation, as opposed to real estate speculation or commodity prices can be a good thing up to a point.

Its actually a key driver of productivity growth.

Employers are more likely to invest in automation, renovation, new quicker equipment/computers/software when labour costs are rising and its difficult to fill positions.

There is obviously a logical limit to this where a negative spiral can emerge. That's more often the case when certain classes of goods cannot or will not be allowed to benefit from said productivity gains.

Again, real estate and commodities are often good examples.

Though, in the latter case. high commodity prices does tend to drive more exploration, more refining capacity etc.

With real estate, it may drive more supply, but the time lag to benefit from that is much longer than for many other sectors.
 
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I can see more tech jobs coming to the GTA and the rest of the province because of Quebec's Bill 96

Thank you Quebec! Ontario will benefit from your ignorance and bigotry!

Quebec tech industry warns controversial language law will harm economy





 
Wealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing "market volatility."
In a letter sent to staff of the Toronto-based business on Wednesday, chief executive Michael Katchen said 159 of the 1,262 people who work for Wealthsimple will depart the company through the move.

 
what are the salaries in toronto like these days? seeing a bunch of $500k+ reports on levels (sr level, base + stock)
 
Latest CBRE Tech Talent ratings are out for 50 surveyed North American markets.


Key bit from the above:

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