When it comes to the richest cities in Canada, there are a handful of important factors that will need to be taken into account before you can jump on the bandwagon and hype up a particular region. There is a range of important factors to consider before a particular region can be dubbed the richest.
These factors include property prices, net worth metrics, and a range of other factors; however, there’s also research that proves that this data is flawed due to the current statistics regarding the average net worth of a particular region.
We’ve managed to get some insight regarding the situation from Conrad Brennan, (view profile), an expert on the matter.
Factors to Consider
There are a handful of very important factors that need to be taken into account before you’ll be able to accurately determine what the richest cities are. These factors include housing prices, unemployment rates, the average net worth of a household, the local economy, and more.
Could Casinos Affect These Cities?
If a casino online Canada is established within a particular region in Canada this could have positive and negative effects on the region. The negatives generally revolve around bad gambling habits; however, the positives are job creation and additional tax revenue, depending on whether or not it’s a tribal casino.
An online casino in Canada will have almost no effect on the local economy due to 99% of them consisting of offshore sites. However, these sites do offer the best casino bonuses, which is what makes them so popular.
Local online casinos feature the smallest casino bonus in Canada and a general lack of diversity when it comes to gaming options.
The Richest Cities in Canada
1 – Westmount, Quebec
Found southwest of Montreal, this is a prosperous enclave on the island. This region is home to a handful of well-known Canadians such as Ben Mulroney, Leonard Cohen, and Norma Shearer. Westmount has one of the highest annual incomes in North America and the average household in this region is worth C$3.9 million.
2 – North Vancouver, British Columbia
Often mistaken for a part of Vancouver, North Vancouver is an independent city. Due to its location, this city is a haven for the film industry with chemical production and shipping also playing the role of major industries in this region.
Its residents are also highly educated, with three-quarters of residents aged between 25 and 64 holding a post-secondary degree. The average household net worth in this city is C$1.8 million.
3 – Beaconsfield, Quebec
Another affluent region located on the Island of Quebec, Beaconsfield is located near the shore of Lac Saint-Louis and is technically a suburb located in Montreal. Beaconsfield is littered with mansions and it adds to the overall aesthetic of this region. The average household net worth in this suburb is C$1.6 million.
4 – Vaughan, Ontario
Located north of Toronto as a part of the Regional Municipality of York. What makes this region special is that it contains five smaller communities which add to the ethnic diversity of the region. Furthermore, less than 50% of the population speak English, with home languages consisting of Russian, Italian, Hebrew, Spanish, Tagalog, Mandarin, and Punjabi. The average household net worth in Vaughan is C$1.6 million.
5 – Markham, Ontario
Located 30 km outside of Toronto, Markham is also part of the Regional Municipality of York. This city is the center for Canadian tech and business services, with the largest employer in the region being IBM. The average household net worth in this city is C$1.5 million.
6 – Caledon, Ontario
Located 16 km northwest of Brampton which is in the Greater Ontario Area. Caledon is mainly rural and the Cheltenham Badlands can be found in this region, which is also one of the strangest places in Canada. The average household net worth in this region is C$1.3 million.
7 – Guelph, Ontario
Known for its low unemployment and crime rates, Guelph can be found 100 km west of Toronto and boasts a high standard of living. Auto parts account for one of the primary industries in this region, with biotechnology and agri-food also becoming more widespread. The average household net worth in this region is C$1.2 million.
8 – Leduc, Alberta
35 km south of Edmonton, Leduc’s economy is based on gas and oil; however, it’s also a very important transfer hub due to its location. The average household net worth in this region is C$1.2 million.
9 – Richmond, British Columbia
This is a city that’s home to a wide range of different industries such as technology, fishing, agriculture, and tourism. These industries also provide some of the highest-paying jobs to Canadian immigrants. The average household net worth in this region is C$1.2 million.
10 – Red Deer, Alberta
Found between Edmonton and Calgary, Red Deer’s primary industry is agriculture, with gas and oil becoming more common. This means that residents have high-paying jobs that don’t involve sitting at a desk. The average household net worth in this region is C$1.1 million.