Toronto, the provincial capital of Ontario and the largest city in Canada, is no stranger to media attention. Being in the spotlight is merely part of the city’s image, since it is home to award-winning artists and headline-grabbing sports teams. Even Hollywood’s A-listers consider it a must-visit destination.
But don’t be deceived. Residents are honest and hardworking. According to the Globalization and World Cities Research Network, Toronto is a global city (GaWC). It has been named one of the world’s most multicultural and cosmopolitan cities by several publications and organizations. It is the focal point of the extremely urbanized Golden Horseshoe region, which is home to 9.2 million people, or 26% of Canada’s population.
The city’s availability to a large volume of labor makes it a significant center for business and trade. It is known as Canada’s financial capital because it boasts the biggest concentration of banks and brokerage businesses on Bay Street, the city’s financial center. By market capitalization, the Toronto Stock Exchange is the world’s seventh-largest equities exchange. Finance isn’t the city’s main economic motor. It is a vital hub for the media, publishing, telecommunications, information technology, and film and production sectors. While manufacturing occurs outside of the municipal borders of Toronto, the city remains a significant wholesale and distribution hub.