If you’re looking to start a business, it’s important to consider the financial status of the area in which the business will open. Generally, a business in a wealthy area perhaps has more opportunities than those in a different area. Especially if you plan to sell luxury goods, you need to ensure that you have a sizeable audience in the location.
With this in mind, here are the five wealthiest cities to start a business in Canada!
Westmount (Quebec)
Firstly, we find a city that has an average household net worth of nearly $4 million. Based on the Island of Montreal, the city was founded in 1874 and now has a population of around 20,000. If you want to sell luxury goods, this is the perfect location due to the affluent nature of the city. Of course, one potential problem is the small population if you have plans for growth (who doesn’t?).
North Vancouver (BC)
Over the years, lots of people have been confused by the status of North Vancouver. Due to the name, most Canadians think that it’s technically a part of Vancouver. In reality, it’s an independent city and one that deserves your attention as a wealthy area. Naturally stunning, lots of film companies decide to film in North Vancouver and the average household net worth is around $1.9 million.
In addition to the film industry, other key niches include chemical production and shipping. If you seek a highly-educated audience, around 75% of the working-age population have a post-secondary degree.
Beaconsfield (Quebec)
Now, it’s time to return to Quebec for a city with an average household net worth of just under $1.7 million. This time, we’re in a suburb of Montreal and yet another beautiful city. With lots of greenery and an affluent community, it was founded way back in 1698. Like Westmount, this city is on the Island of Montreal which means that it has a small population compared to many other cities. For example, businesses setting up in North Vancouver have a market of 53,000 to target.
Vaughan (Ontario)
If you want to be closer to Toronto, Vaughan is a set of small communities in the Region Municipality of York worth exploring for budding entrepreneurs. As a diverse community, not even half of the population have English as their first language. You’ll find people of all backgrounds whether from Italy, Russia, Spain, or another part of the world.
In financial terms, the average household net worth in Vaughan is just below that of Beaconsfield. In the decade between 1996 and 2006, Vaughan’s population grew at a faster rate than any other Canadian city. As a result, 306,000 people now live in the city. If you’re looking for a mass market, this is the best option.
Markham (Ontario)
Finally, with an average household net worth above $1.5 million, we’re close to Toronto again in Markham. Once again, we’re in the York region and a key location for businesses. Ultimately, most entrepreneurs close enough to Markham choose this location as their business hub. In particular, the technology industry is thriving in the city and IBM employs many in the community.
Overall, Markham has a population of just under 330,000 people and this makes it one of the largest cities in the GTA (Greater Toronto Area) – behind only Toronto, Mississauga, and Brampton. If you want to start your business in a wealthy Canadian city, you have five of the very best in this article. also, you must check out how to start an llc from start my llc website and get all the necessary information. Other areas to explore include Guelph, Caledon, Leduc, Red Deer, and Richmond. Wherever you settle, King Kong can help your marketing strategy!