Are you planning to relocate to Canada and you are searching for the best cities to start a business? Is Canada a good place to start a business? Yes, Canada was ranked number 6 in the top 10 best countries to start a business. With its stable economy, large landmass, low taxes, and friendly policies, Canada is an excellent place to start a business.
Canada has one of the best transportation systems in the world, and that provides ease of transporting goods. Also, the country has a skilled workforce, and its treaties with other countries, like the USA, make it easier to start and scale a business.
These are the seven best cities in Canada to start a business and take advantage of Canada’s business opportunities.
1. Toronto, Ontario
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Toronto is not only known as the largest city in Canada but also as a home to diverse cultures, with over 230 different nationalities living in the city. Queen City is the fourth most populous city in North America, with a population of over 6 million.
A hub for technology, finance, and commerce industries, Toronto hosts big corporations and companies like Manulife, Hudson’s Bay Company, Bell Media, and Fairmont Hotels and Resorts. There are over 5,000 thriving startups in Toronto, for example, FreshBooks, and over 250,000 workers in Toronto.
The city, through its eight renowned universities like York University, grants business owners access to the right talents for their businesses.
2. Edmonton, Alberta
Edmonton is a fast-growing city with a thriving economy. Its GDP is expected to grow by 2% annually from 2023 to 2027. Edmonton has a population of over 1.5 million and is also the capital of Alberta. The city has seen a steady inflow of entrepreneurs and business owners in recent years. Edmonton’s striving economy cuts across many industries, such as Energy Tourism, Agriculture, Manufacturing, Financial Services, and Advanced Technology.
Edmonton is equipped with good road networks and railways, so logistics and distribution are easy. It is strategically located and has renowned incubators such as TEC Edmonton and Startup Edmonton, which help to nurture startups and entrepreneurs.
Additionally, the city has several prestigious institutions that consistently provide businesses with highly skilled persons, such as NAIT and the University of Alberta. Edmonton is listed as one of the best places to live in Canada for a reason.
3. Vancouver, British Columbia
Vancouver is ranked as one of the most livable cities in the world. It’s one of the best cities in Canada to start a tech business in the world. Vancouver provides many infrastructures to businesses like the largest port in Canada. It also has good transportation routes and access to other countries such as the western cities of the USA.
The city provides many leisure activities, a high-quality life, and a friendly year-round climate. As a hub for skilled labor and talent, it is easy to find competent hands that will propel your business to success.
Vancouver has attracted big companies like Microsoft, Starbucks, McDonalds and BestBuy.
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4. Ottawa, Ontario
Ottawa recently experienced an 8.3% increase in employment, and it is the result of an increase in businesses. Many know Ottawa as the capital of Canada, but the city offers more than being a capital. It is not only the political powerhouse of Canada but is also an innovation hub with a thriving and diverse economy that is friendly to startups and businesses.
With 61% of its population being college graduates, you have a skilled workforce to hire from. The city boasts good transportation systems, relaxation, health centers, and excellent institutions, making it a good destination for starting a business and family.
5. Calgary, Alberta
Calgary is known as the energy hub of Canada and one of the best cities to start a business. With over 1.3 million population, Calgary is the fourth largest city in Canada by population, but is Calgary only good for business in the energy sector? No, other businesses thrive in Calgary because the city is intentional about the diversification of its economy.
The city actively supports small businesses through grants and incubators like Innovative Calgary and Startup Calgary, which offer guidance to business owners.
With a young population of 25 and 54, you have a skilled and active workforce to hire for your business. Calgary also has the highest average income per family, with many households earning $104,530 annually.
6. Montreal, Quebec
Montreal is a bilingual city, and that sets it apart from other cities on this list. Being a bilingual city gives businesses in Montreal access to a larger customer base of English and French speakers locally and internationally. The cost of running a business in Montreal is very cheap compared to other cities.
Annually, Montreal hosts events like Startupfest that bring together thousands of talented innovators, business owners, and entrepreneurs. Montreal is a tech-savvy city and home to an artificial intelligence company, Element AI, and supports entrepreneurs and startups through incubators such as Notman House and Montreal NewTech.
7. Halifax, Nova Scotia
The growth graph of Halifax has maintained an uptrend in recent years as more people realize its potential. The cost of living in Halifax is low, and the city has parks, tourist sites, and a functional educational sector that balances work and personal life.
49% of Halifax’s population are graduates, which provides entrepreneurs with an intelligent, skilled, and educated workforce for their businesses.
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Which Part of Canada is Best for Business?
All the cities in this list have business and entrepreneurship-friendly policies, environments, and activities for a good balance of work and personal life. The best part of Canada for your business will depend on factors like the type of business, business plan, funding, etc. Therefore, it is important to research your chosen city, considering your intended business.
What is the Largest Business City in Canada?
Toronto is the largest business city and the financial capital of Canada. It is the fourth most populous city in North America. The city is among the top 10 financial centers in the world. It has the highest concentration of financial companies and institutions headquarters in North and South America.
Conclusion
Canada is a multicultural country that provides an enabling environment for the peaceful coexistence of people. It has one of the most business and entrepreneurship-friendly policies that aim to help businesses to thrive. Canada is also one of the leading countries in the advancement and application of artificial intelligence to different aspects of human life.
Canada is an excellent destination for business, and you should choose the city most suitable for your business. The Canadian government is always finding ways to make sure businesses thrive.
