Opinion: Toronto, Canada’s economic centre, has lost its way

Abdullah Snobar is executive director of Toronto Metropolitan University’s DMZ and chief executive officer of DMZ Ventures.

Toronto, once a beacon of urban excellence, now stands at a crossroads. Our city, known for its iconic skyline, economic strength, cultural vibrancy and unmatched hustle, seems to have lost its way.

Our track record as a city speaks for itself. We’ve achieved what most cities can only dream; we’ve made our presence known across technology, business, culture and the arts. We’re the most diverse city in the world and the largest tech hub in Canada.

And it shows. Toronto is the largest and fastest-growing metropolitan region in North America, generating 50 per cent of Ontario’s gross domestic product and 20 per cent of Canada’s GDP.

The CN Tower, a symbol of our city’s pride and innovation, was once one of the most ambitious projects of its time. Today, it remains a global landmark. But beneath its shadow, we’re struggling.

The very fabric of our city is fraying. We’ve become so preoccupied with avoiding failure that we’ve forgotten how to push boundaries. Mediocrity is creeping in and it’s time to reclaim the relentless ambition that once defined us. We owe it to ourselves – and to our city – to demand more.

It’s time to confront the uncomfortable truths holding us back. Toronto is missing the mark in critical areas such as infrastructure, productivity and innovation, leaving residents frustrated, deflated and uninspired.

The unemployment rate in Toronto has hit 7.8 per cent, among the highest in the country. For youth, the situation is even more dire, with a 16.8 per cent unemployment rate, compared with 12.8 per cent nationwide. Despite our reputation as a world leading tech ecosystem, we have one of the highest unemployment rates in Canada; this stark fact contradicts our image as a city of opportunity and growth.

Dysfunctional public transit and traffic have become synonymous with Toronto. “Sorry, TTC had a delay” is now the norm. At surface level, traffic may seem like a right of passage for any metropolitan city, but Toronto’s traffic has reached levels beyond comprehension.

Toronto now has the worst traffic in North America, leading over a third of residents to avoid shopping, sports events and social gatherings owing to congestion. This isn’t just an inconvenience; it’s a crisis with significant economic implications.

A city crippled by congestion and stunted economic growth along with a rising population risks serious consequences for our economy, business investment potential and overall vibrancy.

We must focus on two pillars for economic development: entrepreneurship and critical infrastructure. Attracting businesses, supporting local ones and investing in infrastructure are essential to driving sustainable growth. Infrastructure and innovation are both crucial; neglecting one undermines the other.

Despite these challenges, Toronto remains the heartbeat of Canada’s economy and a global player. But to continue being the best, we need to be brutally honest with ourselves and embrace criticism as a catalyst for change.

Mediocrity is not an option. We must be committed to showcasing the very best of Toronto. This city is brimming with potential and we cannot afford to settle for anything less.

When more than 40 per cent of Greater Toronto Area residents are seriously considering leaving Ontario, we face a wake-up call we cannot ignore. We have the potential to be a city others look to for inspiration, embodying innovation and resilience.

This is a call to action for all of us – whether in tech, government, health care or any sector. Our moment of truth is now. It’s time to believe in our future and push forward with a unified vision. This isn’t just about institutions or businesses; it’s about each one of us. A unified vision for Toronto starts with the mindset of every individual. We need to believe in being the best, push ourselves and our city forward and demand excellence.

I know Toronto is headed toward a future in which excellence is our standard. Imagine a Toronto where government policies align with tech advancements and critical infrastructure, health care thrives with innovations and every industry works toward a common goal: making this city the best place to live, work, play and thrive.

We’re at the tipping point, Toronto, a moment of truth when we either reclaim our greatness or fade into mediocrity. We’ve been knocked down, but we’re not out. It’s time to get back up, refocus and reignite the fire that once made us unstoppable. The moment is ours to win – or it’s ours to lose. Bring on the lions.