With the new year well underway, it’s time to look at which cities in Canada are predicted to be the richest in 2023. Based on various factors, including job growth, average incomes, real estate values and overall Net worth. These cities are expected to see significant economic growth in the coming years.
MoneySense annually publishes over 400 Canadian cities based on their quality of life. They consider a variety of criteria, such as property prices and unemployment rates and the overall average net worth. So if you want to move to one of Canada’s richest cities, here’s where you should head in 2023!
The Richest Cities in Canada 2023
10. Red Deer, Alberta
Red Deer, Alberta, is one of Canada’s richest cities and is expected to grow in wealth by 2023. The city has a population of over 100,000 and is home to several corporate headquarters and businesses. Red Deer’s economy is substantial and diversified, with a mix of the public sector, private industry, and agriculture. The city’s unemployment rate is low, and its average household income is high. As a result, red Deer’s residents enjoy a high quality of life, with plenty of cultural opportunities and recreational activities. The average household net worth in Red Deer County is $1,164,171.
9. Richmond, British Columbia
Richmond, British Columbia, is one of the wealthiest cities in Canada. It has a median household income of over $100,000 and a median family income of around $120,000. The city has many large businesses and corporations, including Canadian Pacific Railway, Telus, and The Coca-Cola Company. Richmond is also a significant tourist destination, with attractions like the Richmond Olympic Oval and the Steveston Village fishing village. The average household net worth in Richmond is $1,204,103.
8. Leduc, Alberta
Leduc is a city located in central Alberta, Canada. It is about 20 kilometres south of Edmonton, the provincial capital. Leduc is part of the Edmonton Capital Region area. The population was estimated to be 36,848 in 2016. Leduc has seen great growth and development in recent years, with new businesses and industries opening up shop there. This growth can be attributed to several factors, including its strategic location and strong business climate. The average household net worth in Leduc is $1,209,819.
7. Guelph, Ontario
Guelph, Ontario, is a city located in the province of Ontario. According to MoneySense magazine, Guelph is the wealthiest city in Canada, with a median household income of $107,832. The city has several major corporations and industries, including grocery retailer Loblaws and automotive parts manufacturer Magna International. Guelph’s strong economy and high quality of life have made it a popular destination for families and businesses. The average household net worth in the city is $1,238,885.
6. Caledon, Ontario
Caledon, Ontario, is a town in the Peel Region of the GTA. The city has many high-income earners, including professionals, executives and business owners. Caledon’s wealth is due in part to its proximity to Toronto.
Many residents commute to Toronto for work, and the city’s high-paying jobs have helped make Caledon one of the wealthiest municipalities in Canada. The town also has a thriving business community, with many small businesses operating there. Caledon is popular due to its rural setting and easy access to Toronto. The average household net worth in Caledon is $1,321,060.
5. Markham, Ontario
Markham, Ontario, is located in the Regional Municipality of York, with approximately 328,000; it is the fourth most populous city in the province after Toronto, Mississauga and Brampton. Markham has several corporate headquarters, including Sun Life Financial, Honda Canada, Groupe PSA, Samsung Electronics Canada and Huawei Canada. The city also has several major retail outlets, including Ikea Canada, Home Depot Canada and Canadian Tire. The average household in Markham has a net worth of $1,558,876.
4. Vaughan, Ontario
Vaughan is unsurprisingly also one of its wealthiest. With a population of over 300,000, Vaughan is home to many high-earning professionals and families. The city’s average household income is over $100,000, and its GDP per capita is over $60,000. Vaughan’s wealth comes from its thriving business sector and its affluent residents.
The city has some significant corporations, including Blackberry and Magna International. And with a median home price of over $1 million, Vaughan is one of Canada’s most expensive places to live. Yet, despite this high cost of living, the city’s residents can still enjoy a high standard of living. The average household net worth in Vaughan is $1,667,910.
3. Beaconsfield, Quebec
Beaconsfield is a city in Quebec, Canada. The city has around 19,000 people and is in the Montreal metropolitan area. The city is known for its high level of wealth and prosperity. Beaconsfield was ranked as the wealthiest city in Canada in 2023. The town has several high-end boutiques and restaurants and is home to many wealthy businesspeople and professionals.
The city’s average household income is around $200,000, well above the national average. Beaconsfield is also home to several luxury homes and mansions. Many celebrities and professional athletes call Beaconsfield home. The city’s infrastructure is among the best in Canada, with top-notch schools, hospitals, and recreational facilities. The average household net worth in Beaconsfield is $1,686,729.
2. North Vancouver, British Columbia
North Vancouver. This city has a median household income of over $100,000 and is only one of three Canadian cities with a high median income. There are a few factors at work here. One thing, the city is home to several wealthy professionals who work in the nearby town of Vancouver.
North Vancouver is adjacent to some of the most expensive real estate globally, increasing prices. Yet, despite its wealth, North Vancouver is still a relatively affordable place. The cost of living is about 9% higher than the national average, but that’s still lower than in cities like Toronto and Vancouver. The average household net worth in North Vancouver is $1,869,495.
1. Westmount, Quebec
Westmount is a city in southwestern Quebec, Canada. It is an enclave of the city of Montreal and is considered one of the wealthiest cities in Canada. The city has some of the most expensive real estate in Canada, with an average price of $2,521,600 for a single-family home as of 2017.
Westmount is home to several wealthy businesspeople and celebrities, including Cirque du Soleil founder Guy Laliberté, former Prime Minister Paul Martin, and fashion designer Philippe Blondel. The city has several parks, green spaces, high-end shops and restaurants. It is also home to Mount Royal College, a private post-secondary institution.
The Richest Cities in Canada 2023
10. Red Deer, Alberta
9. Richmond, British Columbia
8. Leduc, Alberta
7. Guelph, Ontario
6. Caledon, Ontario
5. Markham, Ontario
4. Vaughan, Ontario
3. Beaconsfield, Quebec
2. North Vancouver, BC
1. Westmount, Quebec
University Magazine is part of the 
