A Glimpse Into the Richest Cities in Canada in 2024

Canada is home to a variety of cities that boast impressive wealth and prosperity, each with its own unique charm and economic strengths. From the lively streets of Toronto, where the financial district buzzes with activity, to the beautiful surroundings of Vancouver, where scenic beauty meets luxury living, the richest cities in Canada are as diverse as the country itself. These cities aren’t just known for their wealth—they are vibrant centers of culture, innovation, and opportunity. 

Whether driven by thriving industries, a robust real estate market, or a booming tech sector, these urban areas offer a glimpse into the dynamic forces that make them stand out on the economic map. In this article, we’ll take a closer look at Canada’s wealthiest cities and explore what makes them tick and why they continue to attract people from all walks of life.

Let’s begin.

A List of the Richest Cities in Canada

• Toronto, Ontario
• Vancouver, British Columbia 
• Calgary, Alberta
• Ottawa, Ontario
• Edmonton, Alberta
• Montreal, Quebec
• Mississauga, Ontario
• Burnaby, British Columbia
• Abbotsford, British Columbia 
• Oakville, Ontario

1. Toronto, Ontario

Toronto, located in the heart of Ontario, is Canada’s most populous city, home to over 2.7 million residents. It’s a bustling metropolis known for its cultural diversity, economic opportunities, and vibrant lifestyle. The city’s economy is robust, driven by key industries such as finance, technology, and the arts. The median household income in Toronto is approximately $84,000, reflecting the city’s strong job market and economic stability.

Real estate in Toronto is among the most expensive in Canada, with the average home price hovering around $1.1 million. This high demand for property is fueled by a combination of factors, including a growing population, limited housing supply, and a strong economy. The city’s skyline is dotted with towering condos and office buildings, symbolizing its status as a financial hub.

Beyond its economic appeal, Toronto is rich in cultural and recreational amenities. Bloor Street is a shopping paradise, lined with high-end boutiques and designer stores, while the Royal Ontario Museum offers a glimpse into the city’s cultural and historical heritage. With its blend of economic strength, cultural diversity, and upscale amenities, Toronto continues to be an attractive destination for people from all walks of life.

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2. Vancouver, British Columbia

Situated along the Pacific coastline, Vancouver perfectly balances natural beauty with urban sophistication. With a population of over 600,000, Vancouver is known for its stunning mountain views, waterfront districts, and vibrant multicultural atmosphere. The city’s median household income is around $86,988, reflecting its diverse and thriving economy, which spans industries like film production, technology, and natural resources.

Vancouver’s real estate market is one of the most expensive in Canada, with average home prices sitting around $1,185,100. This is largely due to its desirable location, mild climate, and limited land availability, which together create a high demand for housing. The city is also a major hub for international investment, further driving up property values.

Residents of Vancouver enjoy a wealth of luxurious amenities. Upscale dining options abound in neighborhoods like Yaletown, where chic restaurants offer a range of global cuisines. For those who prefer the outdoors, Stanley Park provides a vast green space for activities such as biking, hiking, and enjoying scenic views. With its blend of natural beauty and urban sophistication, Vancouver is a city that offers both a high quality of life and abundant opportunities.

3. Calgary, Alberta

Located in the foothills of the Rocky Mountains, Calgary is known as Alberta’s economic powerhouse. With a population of approximately 1.4 million people, the city enjoys a high median household income of around $118,000, a testament to its prosperous economy largely driven by the oil and gas industries and a burgeoning finance sector. As a key player in Canada’s energy landscape, Calgary has attracted numerous companies and professionals, contributing to its vibrant job market and dynamic business environment.

The real estate market in Calgary is relatively more affordable compared to other major Canadian cities, with an average home price of about $557,400. This affordability, combined with the city’s strong economy, makes Calgary an attractive destination for both young professionals and families looking to settle in a thriving urban center.

Calgary is also rich in cultural and recreational amenities. The city is famous for the Calgary Stampede, a world-renowned annual rodeo and exhibition that attracts visitors from around the globe. The downtown core offers upscale shopping and fine dining, providing residents and visitors alike with a taste of luxury amidst the city’s bustling urban environment. Calgary’s unique blend of economic strength and lifestyle appeal makes it a standout city in Canada.

4. Ottawa, Ontario

As Canada’s capital city, Ottawa is steeped in history and culture, offering a rich tapestry of experiences for residents and visitors alike. Home to over 1,010,391 people, Ottawa combines the charm of a smaller city with the vibrancy of a national capital. The median household income in Ottawa is around $87,000, reflecting a stable economy primarily driven by the government and technology sectors. The presence of numerous federal institutions and a growing tech industry has created a strong job market, attracting professionals from across the country and around the world.

Ottawa’s real estate market is relatively moderate, with an average home price of approximately $628,900. This balance of affordability and quality of life makes Ottawa an appealing place to live for families, young professionals, and retirees alike.

The city is rich in cultural and historical landmarks, with Parliament Hill being one of the most iconic. Visitors and locals can explore the beautiful Gothic-style buildings or enjoy events and festivities that regularly take place on the grounds. The National Arts Centre, another jewel in Ottawa’s cultural crown, hosts a variety of performances, from theater to music, adding to the city’s vibrant arts scene. Ottawa’s blend of history, culture, and economic stability makes it a unique and attractive destination in Canada.

5. Edmonton, Alberta

Founded in 1882 by Charles Stewart Mott, Edmonton has grown into a major economic and cultural hub in Alberta. Situated on the banks of the North Saskatchewan River, this vibrant city is celebrated for its rich array of festivals and its lively arts scene, earning it the nickname “Canada’s Festival City.” With a population of approximately 1 million residents, Edmonton stands out for its high median household income of $112,000, which reflects its robust economic environment.

The city’s economy is heavily influenced by its key industries: oil, gas, and healthcare. As a pivotal player in Canada’s energy sector, Edmonton attracts a significant number of professionals and businesses related to the oil and gas industry. Additionally, its expanding healthcare sector contributes to the city’s economic strength.

The real estate market in Edmonton offers a relatively affordable housing market compared to other major Canadian cities, with an average home price of around $370,400. This affordability, combined with the city’s economic opportunities, makes Edmonton an attractive location for families and professionals. Beyond its economic advantages, Edmonton’s cultural vibrancy and diverse range of festivals enhance its appeal as a dynamic place to live and work.

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6. Montreal, Quebec

The second most populous city in Canada and the capital of Quebec, Montreal, is well known for its European flair and rich cultural legacy. Hosting the Summer Olympics in 1976, Montreal has established itself as a prominent cultural and sports hub. With a population of around 1.8 million, the city boasts a median household income of $61,747, reflecting a balanced economic landscape.

Montreal’s economy is diverse and thriving, driven by key sectors such as aerospace, technology, and finance. The city’s aerospace industry is particularly notable, with numerous high-profile companies and research institutions based there. The technology sector is also growing rapidly, adding to the city’s economic dynamism.

Real estate in Montreal is relatively moderate, with an average home price of approximately $514,300. This balance of affordability and cultural richness makes Montreal an appealing place for residents. The city offers a wealth of luxurious amenities, including the historic Old Montreal district, with its cobblestone streets and historic architecture, and world-class dining along Saint-Laurent Boulevard. Montreal’s unique blend of historical charm, economic vitality, and cultural depth makes it a standout city in Canada.

7. Mississauga, Ontario

Historically known as Toronto Township, Mississauga has evolved into one of Canada’s wealthiest cities, now holding the 7th spot on the list. Located just west of Toronto, this rapidly growing urban center boasts a population of approximately 753,000. The median household income in Mississauga is about $70,444, reflecting the city’s diverse and expanding economic landscape.

The economy of Mississauga is characterized by its diversity, with significant contributions from the manufacturing and finance sectors. The city serves as a major business hub, attracting numerous companies and professionals. This economic strength is mirrored in the real estate market, where the average home price is around $970,510. This high property value is indicative of the city’s growing popularity and its proximity to Toronto, which further fuels demand for housing.

Mississauga offers residents a range of luxurious amenities, enhancing its appeal as a place to live. The Square One Shopping Centre, one of Canada’s largest malls, provides a vast array of shopping and dining options. Additionally, the city’s waterfront along Lake Ontario offers picturesque views and recreational opportunities, contributing to Mississauga’s attractive living environment.

8. Burnaby, British Columbia

Located in British Columbia to the east of Vancouver, Burnaby is a well-known and prosperous city. With a population of 249,197, Burnaby is known for its economic vitality and high standard of living. The city’s median household income is approximately $73,500, reflecting a strong economic base driven by key industries.

Burnaby’s economy is powered by sectors such as film, technology, and retail. The city’s thriving film and television industry, alongside a growing tech sector, has established Burnaby as a significant player in these fields. The retail sector also contributes to the city’s economic prosperity, providing a range of employment opportunities.

The real estate market in Burnaby is robust, with an average home price of around $965,836. This reflects the city’s high demand for housing, driven by its economic opportunities and attractive living conditions. Burnaby residents enjoy access to luxurious amenities, including Metropolis at Metrotown, one of the largest shopping and entertainment complexes in British Columbia. This extensive shopping center, along with other local attractions, underscores Burnaby’s status as a wealthy and desirable place to live.

9. Abbotsford, British Columbia 

Abbotsford, located in the picturesque Fraser Valley, is recognized as one of Canada’s wealthiest cities due to its agricultural richness and economic diversity. Home to approximately 153,524 residents, Abbotsford stands out for its significant agricultural contributions, holding the highest dollar-per-acre value of agricultural land in Canada. This strong agricultural base, coupled with thriving sectors like manufacturing and retail, underpins the city’s robust economy, with a median household income of $81,000.

The real estate market in Abbotsford reflects its growing appeal, with the average home price around $784,493. This pricing is indicative of the city’s desirability, driven by its strong economic sectors and beautiful natural surroundings.

Abbotsford also offers a range of luxurious amenities that enhance its appeal. The Abbotsford Tulip Festival is a notable event, attracting visitors with its vibrant displays of flowers. Additionally, the city’s local farmers’ markets provide a delightful experience for residents and visitors, offering fresh produce and artisanal goods in a lively setting. These features contribute to Abbotsford’s reputation as a desirable and affluent city.

10. Oakville, Ontario

Known for its beautiful scenery and luxurious way of life, Oakville is a quaint town nestled along the shores of Lake Ontario. Founded in 1857 by Colonel William Chisholm, Oakville is strategically located between Toronto and Niagara, offering residents a blend of serene lake views and easy access to major urban centers. The town’s population of 211,000 enjoys a high median household income of $202,026, reflecting its economic prosperity.

Oakville’s economy is diverse, with thriving sectors including manufacturing, finance, and healthcare. This economic strength is mirrored in the local real estate market, where the average home price is approximately $1,611,106. The high property values underscore Oakville’s status as a premium residential area.

Residents of Oakville enjoy a range of luxurious amenities that enhance the town’s appeal. The scenic waterfront at Bronte Harbour provides picturesque views and recreational opportunities, while downtown Oakville boasts upscale dining and vibrant shopping areas. The town’s thriving arts scene further enriches the local culture, making Oakville a desirable and affluent place to live in the Greater Toronto Area.

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Table Indicating the Richest Cities in Canada and Their Median Household Incomes 

City	Population	Median Household Income
Toronto	2.7 million	$84,000
Vancouver	600,000	$86,988
Calgary	1.4 million	$118,000
Ottawa	1,010,391	$87,000
Edmonton	1 million	$112,000
Montreal	1.8 million	$61,747
Mississauga	753,000	$70,444
Burnaby	249,197	$73,500
Abbotsford	153,524	$784,493
Oakville	211,000	$202,026

Final Words

In summary, these 10 richest cities in Canada highlight its economic and cultural diversity. Each city, from Toronto’s bustling streets to Abbotsford’s agricultural richness, offers a unique blend of industries and lifestyle benefits. They contribute significantly to the nation’s prosperity through their vibrant economies, cultural attractions, and high quality of life. Together, they paint a picture of a dynamic and prosperous Canada, where each city plays a vital role in shaping the country’s diverse and thriving landscape.

FAQs

Where Do Most Millionaires Live in Canada?

In Canada, Toronto leads as the city with the highest number of millionaires, ranking 13th globally with 106,300 millionaires, 195 centi-millionaires, and 18 billionaires. This represents a significant 25% growth over the past decade. Vancouver also ranks within the top 50 cities worldwide, housing 41,400 millionaires, 80 centi-millionaires, and 10 billionaires.

Is Canada Richer Than London?

When comparing nominal GDP, the United Kingdom’s economy surpasses Canada’s. In 2021, the UK’s nominal GDP was $2.62 trillion, according to the International Monetary Fund (IMF), while Canada’s nominal GDP stood at $1.85 trillion. This indicates that, in terms of overall economic output, the UK is economically stronger than Canada.

Why Is Toronto So Wealthy?

Toronto’s wealth can be attributed to its rich natural resources and significant industrial base. The city’s access to Ontario’s abundant raw materials and hydroelectric power has cemented its role as a major industrial hub. Greater Toronto contributes over half of Canada’s manufactured goods, showcasing its economic dominance. Additionally, Toronto’s economy has consistently outpaced the national average, with a steady annual GDP growth rate of 2.4% since 2009, reflecting its strong and dynamic economic environment.

Which Is the Richest and the Cheapest Province to Live in Canada?

Ontario is often recognized as the richest province in Canada, largely due to its economic powerhouse, Toronto, which contributes significantly to its wealth. In contrast, New Brunswick is considered one of the cheapest provinces to live in Canada, with lower housing costs and a generally more affordable cost of living compared to other regions.