Five bank towers, one stock exchange
Toronto's Economy: Bay Street
Toronto has been Canada's financial capital since the 1970s, when Bay Street took that role from Montreal's St. James Street — here's what actually sits in the Financial District.
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"Bay Street" functions the way "Wall Street" does in the U.S. — a specific street that's become shorthand for an entire national industry.
Canada's financial capital since the 1970s
Bay Street became the centre of Canadian finance in the 1970s, taking over from Montreal's St. James Street. It's now home to the headquarters of five of Canada's major banks — Bank of Montreal, Scotiabank, CIBC, TD Bank and RBC — plus the Toronto Stock Exchange (TSX), one of the world's largest, located just a block away at York and King.
What's actually downtown
Beyond the banks: a dense cluster of law firms, insurance companies, pension funds and accounting firms, all within walking distance of Union Station — which is exactly why the Financial District's skyline (and the PATH network underneath it) is as dense as it is.
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