While life in Canada’s big cities is a far cry from “cheap,” there are smaller towns that make for better places to settle and save. And on a global scale, Canada is considered “a great place to get rich,” according to a new report by Yore Oyster. So if you’re looking for somewhere to relocate and get a better handle on your finances, this list could definitely be of help.
The “Best Cities to Get Rich in Canada” report draws on data from Statistics Canada, CREA, Government Canada, and each city’s official website. And the small towns that made the cut are based on three qualifying factors: Median household income (after taxes), cost of living, and GDP per capita.
Recent updates from Statistics Canada show that employment rose by 0.6% in Canada since October, recovering from losses observed from May to September last year. Employment rose in Ontario, Quebec, Prince Edward Island, Newfoundland and Labrador, Saskatchewan, and Manitoba – with gains concentrated in Ontario and Quebec.
Note that the monthly cost of living includes housing, food, energy, health care, transportation, and education costs for each city, calculated via Statistics Canada.
Best small cities for getting rich in Canada
- Oakville
- Burlington
- Saskatoon
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- Regina
- Barrie
- St. John’s
- Saanich
- Waterloo
- Guelph
- Sherbrooke
- Kamloops
- Greater Sudbury
- Lethbridge
- Kingston
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- Thunder Bay
- Lévis
- Kelowna
- Trois-Rivières
- Nanaimo
- St. Catherines
Well, that’s the list, everyone. If you’re looking for a new place to call home that might help you afford a more luxurious lifestyle, these are some great smaller cities to consider.
