Richest Cities in Canada

By PropertyClub Team
Dec 19th 2023
When it comes to economic prosperity, Canada boasts some of the wealthiest cities in the world. In this article, we will delve into the 15 richest cities in Canada, examining their economic growth, industries driving their success, and factors contributing to their financial prosperity.

hash-mark15 Richest Cities in Canada in 2023

1. Toronto, Ontario

Located in the heart of Ontario, Toronto boasts a diverse population. With over 2.7 million residents, it's Canada's largest city. The median household income is around $84,000, reflecting a thriving economy driven by finance, technology, and arts. 

The average home price is approximately $1.1 million, making it a real estate hub. There is no shortage of luxurious amenities in the city, including high-end shopping on Bloor Street and cultural hotspots like the Royal Ontario Museum.

2. Vancouver, British Columbia

Tucked along the Pacific coastline, Vancouver boasts majestic mountain vistas and wate­rfront districts. Home to over 600,000 residents and with a median income of around $86,988, the local economy is diverse, with many job opportunities in cinema, tech, and natural resources. The average home price is about $1,185,100. 

Residents enjoy the city's luxurious amenities such as upscale dining in Yaletown and outdoor activities in Stanley Park.

3. Calgary, Alberta

Situated in the foothills of the Rockies, Calgary is Alberta's economic powerhouse. Home to 1.4 million people, the city boasts a median household income of $118,000. 

Its economy is driven by oil, gas, and finance. The average home price is around $557,400. Luxurious amenities include the renowned Calgary Stampede and upscale shopping in the downtown core.

4. Ottawa, Ontario

Ottawa has a lot of history and culture as Canada's capital city. Ove­r 1,010,391 people live the­re. The average family earns $87,000 each year. The economy is fueled by government and technology sectors. The average home price is approximately $628,900. Luxurious amenities include visits to Parliament Hill and cultural events at the National Arts Centre.

5. Edmonton, Alberta

Founded by Charles Stewart Mott in 1882, Edmonton is another of the richest cities in Canada. Edmonton is situated on the North Saskatchewan River and is known for its festivals and vibrant arts scene. It's also known as Canada's Festival City. With a population of 1 million, the median household income here is $112,000. The economy is driven by oil, gas, and healthcare. The average home price in Edmonton is around $370,400. 

6. Montreal, Quebec

Montreal, the second most populous city in Canada, is also one of the richest cities in Canada. Montreal is the only Canadian city which hosted the Summer Olympics. Montreal, with its European charm, is a cultural hub in Quebec. 

Boasting a population of 1.8 million, the median household income is 61,747. The economy thrives on aerospace, technology, and finance. The average home price is approximately $514,300. Residents of Montreal enjoy luxurious amenities including the historic Old Montreal district and world-class dining along Saint-Laurent Boulevard.

7. Mississauga, Ontario

Historically known as Toronto Township, Mississauga is the 7th richest city in Canada. Close to Toronto, Mississauga is a rapidly growing city. With a population of 753,000, the median household income is 70,444. 

The economy is diverse, with manufacturing and finance playing key roles. The average home price is around $970,510. Luxurious amenities include Square One Shopping Centre, one of the largest malls in Canada, and the beautiful waterfront along Lake Ontario.

8. Burnaby, British Columbia

Just east of Vancouver, Burnaby shines as a wealthy Canadian city. With a population of 249,197, the median household income is $73,500. Fueled by industries like film, technology, and retail, Burnaby's economy thrives. 

The average home price stands at approximately $965,836. Residents enjoy luxurious amenities, including the renowned Metropolis at Metrotown, one of the largest shopping and entertainment complexes in British Columbia.

9. Abbotsford, British Columbia

Home to the University of the Fraser Valley and Abbotsford International Airport, Abbotsford is another one of the wealthiest cities in Canada. The city is nestled in the Fraser Valley and boasts agricultural richness, earning the highest dollar per acre of agricultural land in the country.

With a population of 153,524 people, the median household income is $81,000. Agriculture, manufacturing, and retail contribute to its robust economy. The average home price is around $784,493. Luxurious amenities include the picturesque Abbotsford Tulip Festival and the vibrant local farmers' markets.

10. Oakville, Ontario

Situated along Lake Ontario, Oakville was founded in 1857 by Colonel William Chisholm. This charming town is situated between Toronto and Niagara on the shores of Lake Ontario and is renowned for its scenic harbors, lively shopping areas, thriving arts scene, and top-notch dining choices in the Greater Toronto Area.

With a population of 211,000, the median household income is $202,026. The economy thrives on industries like manufacturing, finance, and healthcare. The average home price is approximately $1,611,106. Luxurious amenities include upscale dining in downtown Oakville and the scenic waterfront at Bronte Harbour.

11. Quebec City, Quebec

Rich in history and culture, Quebec City stands out as a prosperous destination. If you truly want to enjoy French Canadian culture, Quebec City is your go-to destination.  

With a population of 549,459, the median household income is $60,800. Tourism, technology, and healthcare drive the economy. 

The average home price is around $341,700. Residents enjoy luxurious amenities, including exploring Old Quebec's cobblestone streets and savoring exquisite French cuisine in the city's charming bistros.

12. Regina, Saskatchewan

Nestled in the prairies, Regina is one of Canada's fastest-growing major cities. With a population of 226,404, the median household income is $84,391. The economy is driven by agriculture, mining, and oil. The average home price is approximately $283,344. Residents enjoy the city's rich cultural scene and events at the iconic Mosaic Stadium.

13. Saskatoon, Saskatchewan

Home to the University of Saskatchewan, Saskatoon is the largest city in Saskatchewan.

Located along the South Saskatchewan River, Saskatoon is a growing city. Boasting a population of 266,141, the median household income is $83,127. 

Saskatoon is a friendly and growing city with a history of welcoming people from across Canada and around the world. Increasingly, individuals are choosing Saskatoon as an excellent place to live, work, and raise a family.

The economy thrives on agriculture, mining, and technology. The average home price is around $382,700. Luxurious amenities include the picturesque Meewasin Valley trails and vibrant Broadway Avenue.

14. Surrey, British Columbia

A part of the Greater Vancouver area, Surrey is a diverse and dynamic city. With a population of 580,000, Surrey is one of the richest cities in Canada. The median household income here stands at $68,071.

Surrey is a major industrial hub in British Columbia, excelling in high technology, clean energy, advanced manufacturing, health, education, and agriculture. The average home price is approximately $940,167. Luxurious amenities include the Surrey Arts Centre and the beautiful Bear Creek Park.

15. Winnipeg, Manitoba

Situated at the confluence of the Red and Assiniboine Rivers, Winnipeg is Manitoba's capital and also the last city on our list. With a population of 749,607, the median household income is $70,750. 

This diverse city holds many yearly festivals like Festival du Voyageur, Winnipeg Folk Festival, and Jazz Winnipeg Festival. The average home price is around $332,700. Luxurious amenities in Winnipeg include The Forks, a historic site and cultural hub, and the Royal Winnipeg Ballet.

hash-markWealthiest Cities in Canada Bottom Line 

These 15 cities contribute to Canada's economic tapestry, offering a mix of industries, cultural attractions, and comfortable living for their residents. As dynamic contributors to the country's prosperity, they showcase the richness of Canada's diverse landscape and economy.