Ubisoft is spending over $500 million Canadian dollars on the studio, while the Canadian government will help with an investment of $263 million over the next decade. The publisher expects its studio to create 800 new jobs for Toronto during that period.

"[Toronto] is one of North America's economic and cultural epicenters and our expectations are high," said Ubisoft CEO Yves Guillemot. "We're excited to be able to count on the exceptional local talent, who will contribute to our accelerated growth and will have a profound impact on the video game industry with the excellence of their creativity."

The studio will open in late 2009, so polish off those resumes soon, Torontonians.