According to the CBRE's 2017 North American Scoring Tech Talent report , Toronto added 22,500 new technology jobs to eclipse tech hotbeds New York (5,370) and San Francisco (11,540) combined. In doing so, Toronto leaped from 12 th to sixth in the overall annual ranking.

Toronto recently made waves on the web with the news that the Ontario capital had become North America's fastest-growing tech market.

Bloomberg via Getty Images Bill Morneau, Canada's finance minister, tries on a virtual reality helmet during an artificial intelligence demonstration at the Vector Institute inside the MaRS Discovery District in Toronto, Ont., on March 30, 2017.

Those familiar with the red-hot tech job market in Toronto weren't surprised.

"Absolutely I think that Toronto's tech scene is booming," said Lara Torvi, manager of media and community relations for MaRS. "We shouldn't make the mistake of perceiving Toronto as less mature or smaller than we actually are. We are quite a hub and I think it's just going to increase. We're at a tipping point where we will become one of the world's leading hubs for innovation."

How did Toronto get here? Let's take a closer look at the circumstances that have helped Toronto become a serious player in the tech industry.

Local talent

Torontonians, give yourselves a hand — the first reason Toronto is flourishing is you.

Analysts say that the city's diverse workforce of highly skilled tech talent is a draw. CBRE's report further found that the quality of labour locally is "very high," scoring significantly better than far more highly paid talent in cities including Dallas, Minneapolis, Miami and Phoenix.

"We are recognized as one of the most diverse cities in the world, and I think that the way Toronto recognizes the fact that diversity boosts innovation is really good for business," Torvi said.

Toronto's other big advantage? We're (relatively) light on the wallet.

The institutions

Having the University of Toronto, York University and a variety of other top educational institutions is a boon both for creating tech jobs and training tech talent.

CBRE's analysis found a 35 per cent growth overall in tech degrees in the Toronto area between 2011 and 2015, with a 47 per cent boost in computer engineering degrees.

The University of Toronto alone houses 10 start-up accelerators, including the Creative Destruction Lab.

Then, of course, there's the aforementioned MaRS network, which works with more than 1,000 ventures, employs more than 6,200 people, and has raised over $3.5 billion in capital.

"We're considered the largest urban innovation hub at 1.5 million square feet," Torvi said. "We have some of the leading centres for research and development in areas like artificial intelligence, stem-cell research, data science, cyber-security, and even blockchain and cryptocurrencies."