Major City Insights: Toronto—October 2022

Canadian Economics

October 14, 2022

Metropolitan

8 min read

Author: The Conference Board of Canada

$985.00

While ongoing supply chain issues and other challenges sparked by the pandemic are still headaches, COVID-19 is no longer the biggest risk to the economies of most major cities across Canada. The main concern in the near term is the impact of stubbornly high inflation and rising interest rates. This edition of our Major City Insights provides new forecasts for growth in 13 major cities in Canada as of September 2, 2022. This publication focuses on the Toronto metropolitan area.

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To date, Toronto has done well in its economic recovery, with real GDP already above its pre-pandemic level at the end of last year.

Despite hitting a few speed bumps in the first quarter of this year, real GDP growth in Toronto is set to reach 3.8 per cent in 2022 before decelerating to a more modest pace of 2.1 per cent in 2023.

Although Toronto’s labour market is expected to bounce around over the short term, it will still be a bright spot for the city.

Accounting for more than half of all the net new jobs created in Ontario, Toronto is expected to add close to 177,000 new jobs to its workforce in 2022.