Toronto has both the assets and the liabilities that come with being Canada’s largest city. On the asset side is its diverse economy, with key clusters in finance, media, ICT and film production, and success as a magnet for immigrants that have made it one of the most multicultural cities in the world. Major carriers offer high-quality broadband to 100% of residents, and its five major universities and multiple colleges have attracted 400,000 students and helped ensure that Toronto has more residents with undergraduate degrees that London.
Improving the Urban Experience
On the liability side are the highest cost of living in Canada and transportation gridlock that gives residents of the Greater Toronto Area the world’s longest average commute times. These factors have contributed to the success of suburbs in attracting new and existing businesses, making once-sleepy cities like Mississauga into business hubs in their own right. To reverse this trend, Toronto is doubling down on the value of a dense, superbly equipped and culturally rich urban experience. The centerpiece is Waterfront Toronto, North America’s largest urban renewal project, which is revitalizing 800 hectares of brownfield shoreline with 40,000 residential units, parks and one million square meters of commercial space designed to the highest environmental standards. Offering 1 Gbps fiber-based broadband– provided at no cost to the 10% of housing set aside for low-income residents – the Waterfront is expected to offer a home to 40,000 new jobs focused on knowledge industries. Early commercial tenants include the Corus Entertainment and the George Brown College Health Sciences campus.
Future on the Waterfront
Though impressive in size and scale, the Waterfront is only the most visible of many public-private collaborations through which the city is pursuing an ICT-powered future. The MaRS Discovery District supplies housing, incubation, acceleration and investment services to hundreds of early stage portfolio companies downtown, while the Ryerson University Digital Media Zone gives entrepreneurs space and services to move great ideas to initial commercial success. The Centre for Social Innovation does the same for social innovators and its successful model has led to operations across four locations in two countries. Toronto’s libraries offer computers and training to tens of thousands, while outreach programs equip families with inexpensive IT, connectivity and training. With C$2 billion planned for transportation investment over the next 25 years, Toronto is preparing the physical, human and digital infrastructure for continued success.
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