Toronto
Economy

Toronto is an international centre for business and finance. Generally considered the financial and industrial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street in the Financial District. The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization. The five largest financial institutions of Canada, collectively known as the Big Five, all have their global corporate headquarters in Toronto, alongside Canada's major insurance giants.

The city is an important centre for the media, publishing, telecommunication, information technology and film production industries; it is home to Bell Media, Rogers Communications, and Torstar. Other prominent Canadian corporations and Canadian subsidiaries of international corporations in the Greater Toronto Area include Magna International, Pizza Pizza, Mr. Sub, Celestica, Manulife, Sun Life Financial, Toyota Canada Inc. the Hudson's Bay Company, and major hotel companies and operators, such as Four Seasons Hotels and Fairmont Hotels and Resorts.

Although much of the region's manufacturing activities occur outside the city limits, Toronto continues to be a wholesale and distribution point for the industrial sector. The city's strategic position along the Quebec City–Windsor Corridor within the Great Lakes megalopolis and its road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper. The completion of the St. Lawrence Seaway in 1959 gave ships access to the Great Lakes from the Atlantic Ocean.

Toronto's unemployment rate was 6.7 percent as of July 2016. According to the website Numbeo, Toronto's cost of living plus rent index was second highest in Canada (of 31 cities). The local purchasing power was the sixth lowest in Canada, mid-2017. The average monthly social assistance caseload for January to October 2014 was 92,771. The number of impoverished seniors increased from 10.5 percent in 2011 to 12.1 percent in 2014. Toronto's 2013 child poverty rate was 28.6 percent, the highest among large Canadian cities of 500,000 or more residents.
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