What are some of the top cities in Canada to launch a startup in 2024? Each city has its own unique ecosystem, and some are more favorable for startups than others. As the saying goes, “it really takes a village to raise a startup”. In this post, we present the top cities to launch a startup. We considered factors such as cost of living (20%), access to funding (25%), startup ecosystem (20%), talent pool (20%), and notable companies (15%).
Some cities, such as Calgary, are emerging as new tech hubs, with the rise of companies like ZayZoon, Standard Field Systems, and many more. For the complete list of Canada’s top companies, check out the full coverage here.
| Ranking | City | Score |
| 1 | Toronto 🇨🇦 | 76 |
| 2 | Waterloo 🇨🇦 | 75 |
| 3 | Vancouver 🇨🇦 | 71.25 |
| 4 | Montreal 🇨🇦 | 71 |
| 5 | Calgary 🇨🇦 | 64.25 |
| 6 | Edmonton 🇨🇦 | 63.75 |
| 7 | Ottawa 🇨🇦 | 62.25 |
| 8 | Victoria 🇨🇦 | 62.75 |
| 9 | Hamilton 🇨🇦 | 62.75 |
| 10 | Mississauga 🇨🇦 | 61.75 |
| 11 | Markham 🇨🇦 | 61.75 |
| 12 | Quebec City | 61.75 |
| 13 | Halifax 🇨🇦 | 60.75 |
| 14 | St. John’s 🇨🇦 | 57.25 |
| 15 | Fredericton 🇨🇦 | 56.25 |
| 16 | Burlington 🇨🇦 | 56.25 |
| 17 | Brampton 🇨🇦 | 56.25 |
| 18 | Guelph 🇨🇦 | 56.25 |
| 19 | Gatineau 🇨🇦 | 56.25 |
| 20 | Collingwood 🇨🇦 | 56.25 |
| 21 | Saskatoon 🇨🇦 | 56.25 |
| 22 | Kamloops 🇨🇦 | 53.75 |
| 23 | Kingston 🇨🇦 | 53.75 |
| 24 | Windsor 🇨🇦 | 53.75 |
| 25 | Sherbrooke 🇨🇦 | 53.75 |
| 26 | Prince George 🇨🇦 | 50.25 |
| 27 | Grande Prairie 🇨🇦 | 48.75 |
| 28 | Thunder Bay 🇨🇦 | 47.75 |
| 29 | Regina 🇨🇦 | 47.75 |
| 30 | Winnipeg 🇨🇦 | 47.75 |
1. Toronto
Toronto’s scale is unmatched across Canada. With growing companies such as Index Exchange, Shopify, and others, Toronto’s ecosystem continues to thrive. One factor that may be holding the city back is its high housing prices. If these prices don’t decrease, they could significantly impact Toronto’s standing. When it comes to entrepreneurship, we need a lower cost of living in Canada.
2. Waterloo
Waterloo is known as Canada’s ultimate tech hub. With its smaller population, Waterloo offers a close-knit, small-town feel that can foster the growth of startups into scale-ups. The city also benefits from top technical talent emerging from the University of Waterloo.
3. Vancouver
With Web Summit moving to Vancouver, the city is gaining more attention. Vancouver has produced many homegrown success stories and continues to be a leading city for startups.
4. Montreal
Montreal’s cost of living is more favorable for startups. With lower costs, we may see more risk-taking from entrepreneurs. Montreal is also becoming a significant hub for AI development.
5. Calgary
Calgary is a rising tech hub with enormous potential to become a leader in Canada’s tech ecosystem.
6. Edmonton
Edmonton is quickly growing in prominence as a technology and innovation hub. The city benefits from the presence of the University of Alberta, which ranks among the top research universities in the country, contributing to the city’s AI and health tech sectors. Startups in Edmonton are also gaining support from local incubators, accelerators, and organizations like Startup Edmonton. Its affordable cost of living and increasing access to funding make it an attractive destination for entrepreneurs.
7. Ottawa
Ottawa is often overlooked, but it’s one of Canada’s most promising cities for startups, especially in the SaaS (Software as a Service) sector. The nation’s capital has a rich talent pool, thanks to the presence of institutions like the University of Ottawa and Carleton University. The city is also home to leading companies such as Shopify, which continues to inspire the local startup ecosystem. With the Canadian government being a significant employer and client, Ottawa offers unique opportunities for businesses targeting public sector innovation.
8. Victoria
Victoria, BC is rapidly establishing itself as a dynamic tech hub, especially for startups focused on software, gaming, and clean tech. With a vibrant local economy, excellent quality of life, and a supportive business environment, the city offers a nurturing ecosystem for new ventures. Companies like FreshWorks Studio (acquired by EY) have grown rapidly, helping to put Victoria on the map as a growing tech city. Additionally, its proximity to Vancouver and the U.S. West Coast provides strategic access to larger markets while maintaining lower operational costs.
9. Hamilton
Hamilton’s housing market offers more advantages compared to Toronto, making it more attractive to startups. The city is ideal for healthcare startups, as it hosts a strong healthcare innovation hub.
10. Mississauga
Mississauga is strategically located in the Greater Toronto Area. With the opening of new innovation hubs and programs, it’s becoming a better place to launch a startup.
In which city are you launching a startup in Canada? Let us know!