07/24/2018 14:09 EDT | Updated 07/24/2018 14:25 EDT

Toronto Beats Silicon Valley In Tech Job Creation: CBRE

Montreal and Ottawa also rank in the top 20.

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Downtown Toronto, as seen from Union Station, with the CN Tower in the background. Toronto has added more technology jobs in the past five years than any other North American hub, including Silicon Valley.

Toronto has added the most technology jobs in the past five years and has the fourth best technology talent market in Canada and the U.S., according to a new report.

The report by CBRE Group says Toronto added 82,100 technology-related jobs between 2012 and 2017 to beat out the San Francisco Bay Area for the spot by about 4,270 jobs.

The overall ranking of 50 cities by the commercial real estate services firm is based on 13 metrics including tech job growth, education levels, office rents, population trends, and housing costs.

Earlier on HuffPost Canada:

Ottawa ranked 13th overall, Montreal was right behind at 14th, and Vancouver came in at 25th.

Ottawa had the highest concentration of tech talent of any of the 50 markets at 11.2 per cent of all jobs, compared to 9.8 per cent for San Francisco and 8.9 per cent for Toronto.

The lower loonie helped the four Canadian cities in the study rank as the lowest wages relative to the average.

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