Everyone wants to work in Ontario, but where do all those businesspeople live? This article explores the reasons to do business in this great province, even though the property market is a tight squeeze.
Ontario is a great place to live, leading to high median house prices and low availability on the property market. Nevertheless, the thriving economy here focuses on technology and finance, making it a hub of activity for the average savvy businessperson. Although it is hard to relocate here, it is a hugely inviting place to do business. This means there is high demand for fewer houses, and those who work in the city usually commute.
The lack of housing can put new companies off the city. If your daily dealings lead you in and out of the center, finding another option for travel and accommodation might be wise. Why not use short term rentals to visit Scarborough before you decide who to do business with?
Business transactions, networking, and even procurement within Ontario all take time. When you stay in a hotel you quickly run up large bills which, if you are a startup, doesn’t help. Instead, you can lease a short-term luxury apartment for less than the cost of 30 day plus stays in the city.
Home renovations are also prevalent in this area. The lack of housing makes for a larger refurbishment market where older buildings are repurposed into new homes.
According to Statista, there are over 480,000 business locations supporting 1.3 million business in Ontario. Here are five reasons to set up your business in Ontario.
Toronto has even worse house prices and an even better finance sector. If you stay in either city you can easily communicate, network, and trade, with the best businesses in Canada. Toronto has the second largest finance sector on the entire continent of North America. Tapping into that market with your suave new tech startup could see you pride in the pack.
The population of Ontario represents 38.5% of the whole country’s population. That’s over a third of all Canadians living in one province alone. The city regularly takes in almost half of all new immigrants into the country. This means the workforce is peppered with people from every walk of life.
Cananda is renowned for its excellent public transport systems when you remain close to the cities. When you head north it might turn into a different story. Use this easily accessible public transport system to draw in workers from throughout the city.
71% of the residents of Ontario in Canada have higher education. This is larger than Japan, Germany, and the US. The University of Toronto is one of the top 20 universities in the world and a top producer of STEM graduates.
The corporate tax rates in Ontario are slightly lower than those in Michigan, New York, Wisconsin, and Illinois. This competitive rate encourages corporations to come to Ontario and trade. The savvy business owner might take it upon themselves to do the same.
No company operates in Ontario for too long before they start to call the city “home”.