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Not if Toronto keeps hemorrhaging talent. I graduated from the University of Toronto last year and can only name 2 of my classmates who are actually working in Toronto now. The rest are in SF, Seattle, and NYC - including many people who have family in Toronto, like me. All of my friends who were seriously working on a startup have moved it to the Bay Area. Many of us would love to move back to Toronto 'eventually', for family reasons and because it's a great city overall, but for now the money and opportunities in the States are too good. In SF I'm making 2-3x what I'd make in Toronto and get to work on a globally-relevant system. And 80% of my social network is here now, too. |
Really not difficult to imagine why Canadian tech companies have mostly stopped being competitive on the global stage, considering most of the talent they have access to at these pitiful salaries are essentially left-overs.
Unfortunately, I honestly don't see how the situation can improve. It's a classic tragedy of the commons situation. Companies act in self-interest by paying as low as they possibly can, with no regards for the damage being done to the Canadian talent pool, and have little incentive to do otherwise until most of their peers do the same.