Diversity and Entrepreneurship in Canada
Toronto is generally considered the business hub of the Canadian economy and it presents on the most significant market opportunities for franchising in all of North America. Some of the franchise expositions our firm has taken part in held in Toronto have consistently been some of the most well-attended expos. What makes Ontario in particular so special and so different from the rest of the Canadian market is the advent of multi-culturalism and the incredible global population that makes up Toronto today.
As of 2016, more than half of Toronto’s population identified themselves as being “visible minorities” having come to Canada from foreign lands. With a statistical population number around 6 million people and being the 4th largest metro in North America, this is an incredible scenario. The development of what has become Toronto has been driven largely by proactive global immigration policies and a government that reached throughout the world into communities and supported those that in most cases no one else wanted such as Syrian refugees.
Toronto has also been at the leading edge for much of North America when it comes to income growth, employment, innovation and wealth creation. Wealth creation has been driven by all factors mentioned, but mostly by the ever-increasing real estate values of both commercial and residential properties in Toronto. In February 2018, that average price per home reached $736,783.
From a franchise industry perspective, this unique combination of factors creates great potential for franchising in the market. First, due to the large concentration of immigrants, entrepreneurship is widely accepted. People who immigrate many times either have no other option or just understand small business and effectively are comfortable taking action to start a new business or franchise. Second, with growing global inputs, the Toronto market is an incredible representation of a wide range of cultures, business practices and global personalities. The market bustles with unique brands, incredible foods and skills that come from around the world.
We like the future of franchising in Toronto and suggest to any brand, if you aren’t here, you need to figure out how you can be.
For more information on franchising in Toronto, contact us: