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Not hard to see why.

I just jumped jobs in Toronto and I found it very hard to find a job that pays $120k+ CAD, a developer with 6+ years of experience.

May be Canada can't attract top talent from USA but the best half of the team that worked with me in Brazil the last couple years are now in Canada, Ireland or Germany.

I am not familiar with Toronto personally but it would have one huge benefit over silicon valley...you don't have to live in silicon valley.

Edit: I'd prefer Siberia over sv, there is a reason talented people are getting the hell out of there and many major companies are building huge offices elsewhere.

What is the reason?

Yah I'd be interested to know this as well

Cost of living/lack of decent housing, low quality transportation and quite frankly the snobbery of SV to name a few.