I moved to Victoria, BC from the states. There is zero chance anything in Canada can compete with SF for quite some time until a few things change.

I actually get asked this question quite a bit being here. I have many long and drawn out thoughts having lived in SF and now Victoria, but I'll try to condense them.

First, if any place in Canada will start a tech boom, it isn't Toronto. It's not Vancouver. It's Victoria. Why? Victoria is close to SF, where the VC money is. The life and cost of living in Victoria is dramatically better than either Toronto (high cost, terrible weather) or Vancouver (high cost). And tech is already one of the bigger industries in Victoria. Victoria has the added bonus of already having a vibrant start-up scene, albeit mostly local and under 20 people and on the very young side.

Second, even with the above, Victoria (which I consider the most likely, so that means even less for other cities) is highly unlikely to get any major traction for a few reasons.

1. Canada is very conservative with money. Canadian banks, angels and VCs are all pretty conservative. They are not like SF VCs and do not want to make 10 bets to get one win. Canadian startups typically have to bootstrap well beyond what any in the states would ever have to do. Sometimes this is ok, but for the most part it shows that Canadian startup scene doesn't quite understand risk and reward well. And, the majority of VCs are still out east in Canada, though they are even worse in this regard because they simply don't get the modern internet. In Toronto the tech industry was telephony and devices and it seems that most of the VCs are so old school they still think this way. Canadian VCs need to modernize their thinking quickly.

2. SF VCs are not forward thinkers. At all. SF VCs continually say to Canadian companies "you need to move to SF", which of course in 2016 is complete and utter bullshit. Most VCs are actually not inventive or progressive. Instead, they are followers of a few stronger VCs. And by a few, I mean a tiny minority. Being followers, they have playbooks and patterns they follow. It's basically scripts. SF based VCs want to invest in SF based companies. This is a 1990s model that doesn't matter in 2016 and, much like Canadian VCs, SF VCs need to update their thinking and look beyond this. They might not feel they have to because there are so many people willing to live and work in SF, but SF based VCs, the progressive ones, look for good ideas and good teams. Location is not important. SF based VCs should adapt to the brave new world and expand from a single geo.

3. Salaries. Canadian salaries in tech are low. So low that many that live close to the states and are young would simply move to the states. Now, this sometimes works out, sometimes it doesn't. It works in places like Toronto and Vancouver when the cost of living is awful (worse than SF when you factor in housing with salary, IMO). It doesn't work when it's places like Victoria (at the moment). This could actually change if salaries go up, ironically, though it's unlikely for quite some time.

4. Cargo Culture. Most techies in Victoria view SF as the mecca of tech. I mean, it is, but not the way they idolize it. Smart and stupid have no geo lock and many in Victoria/Canada have a bit of a complex when SF comes up. Canadians need to stop looking at SF for inspiration and instead build the local community up, make it a vibrant scene of their own and own it all. Forget what SF is doing. Don't chase trends and build things of value.