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Top 10 Canadian Cities by GDP Thumbnail

Top 10 Canadian Cities by GDP

Financial knowledge

Canada’s diverse economy is distributed across various areas, and each city has its own set of industries that drive growth. Here’s a look at the top 10 Canadian cities by gross domestic product (GDP) and the key sectors that fuel their economies.

1. Toronto, Ontario - $430.9B GDP

As Canada’s largest city and financial hub, Toronto led the country with a total GDP of $430.9B in 2020.1 The finance sector, driven by the Toronto Stock Exchange, is a key contributor. Other significant industries include technology, real estate, media, and professional services. Major banks, such as RBC, TD, and Scotiabank, are also headquartered here.

2. Montreal, Quebec - $228.7B GDP

Montreal's GDP was $228.7 billion as of 2020.1 The city has a diversified economy, with aerospace, pharmaceuticals, and IT leading the way. Montreal is a global aerospace hub home to companies such as Bombardier and CAE.2 The city also boasts a growing tech and AI sector, making it a center for innovation.

3. Vancouver, British Columbia - $163.7B GDP

Vancouver serves as Canada’s gateway to the Pacific, making international trade one of its key sectors. As of 2020, it has a GDP of $163.7B.1 The city also excels in film production, technology, and tourism.3 In recent years, global tech firms such as Amazon and Microsoft have grown in the city, adding to its economic strength.

4. Calgary, Alberta - $102.6B GDP

Calgary is known for its energy sector, with oil and gas being the backbone of its economy. The city has a GDP of $102.6B.1 Companies like Suncor and Enbridge have headquarters here. Recently, Calgary has also begun diversifying into other key sectors, including aerospace, agribusiness, and the creative industry (e.g., The Calgary Film Centre).4

5. Ottawa, Ontario - $74.8B GDP

As Canada’s capital, Ottawa’s economy has a GDP of $74.8B, driven mainly by government services.1 However, the city also has a growing technology sector, with companies like Shopify headquartered here.5 Education and healthcare are also significant contributors to its economy.

6. Edmonton, Alberta - $87.48B GDP

Edmonton, like Calgary, is heavily influenced by the oil and gas industry, but it also benefits from its role as a transportation hub. As of 2020, the city’s GDP has reached $87.4B. Besides the energy and transportation industries, healthcare and education are important sectors, with the University of Alberta playing a vital role in the local economy.

7. Quebec City, Quebec - $47.9B GDP

Québec City in Quebec has a GDP of $47.9B.1 The city’s economy is diverse, with public administration, healthcare, and education leading the way. Fun fact: Québec City has Canada’s highest ratio of researchers per capita.6 Apart from the city’s robust life sciences sector, tourism is a major economic contributor, with millions of people visiting its historic landmarks every year.

8. Winnipeg, Manitoba - $45B GDP

Winnipeg’s economy, with a GDP of $45B, is driven by manufacturing, agriculture, and transportation.1 It is a crucial hub for logistics and is home to several large agricultural companies. The aerospace industry also significantly influences the city's economic presence.

9. Hamilton, Ontario - $37.03B GDP

With a GDP of $37.03B, Hamilton has historically been a manufacturing center, particularly in steel production.1 While manufacturing remains important, other key sectors in the city include finance, insurance, real estate, food and agriculture, and IT.7

10. Kitchener-Waterloo-Cambridge, Ontario - $32.8B GDP

The tri-city area of Kitchener-Waterloo-Cambridge is considered a tech hub and is home to the University of Waterloo and companies like Blackberry and Google. The area has a GDP of $32.8B.1 Apart from being a tech hub, manufacturing and education also play significant roles in the region’s economy, making it a dynamic urban area.

From Toronto’s financial services to Calgary’s energy sector and Kitchener-Waterloo’s tech innovations, these cities shape the country’s economic landscape. The key sectors in each city offer a glimpse into Canada’s diverse and dynamic growth, making them vital contributors to the country’s prosperity.

  1. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610046801
  2. https://www.montrealinternational.com/en/keysectors/aerospace/
  3. https://vancouvereconomic.com/vancouver/key-industries/
  4. https://gmsmobility.com/blog/top-calgary-industries-leading-economy/
  5. https://whyottawa.ca/other-key-sectors/
  6. https://meetings.quebec-cite.com/en/key-industries-quebec-city
  7. https://kearnstechnology.com/hamilton-industries/

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.