Vancouver is one of the most popular cities in Canada. It’s home to landmarks like the Capilano Suspension Bridge, Stanley Park, and Granville Island. In Vancouver, tourists can witness a good mix of nature, historic architecture, and modern infrastructures. They can also experience its rich city life, through shopping malls nightclubs, art galleries, music festivals.
As one of the richest cities in the world, Vancouver also has a very active economy, one that has a thriving housing market, a burgeoning small business population, and high trading activity. Below, we’ve listed a few fun facts about the world of business in Vancouver.
1. Vancouver has the most expensive real estate market in Canada
Vancouver consistently ranks as one of the most liveable cities on the planet. Citizens of Vancouver enjoy high living standards and a great quality of life. Naturally, many people, Canadians and foreigners alike, want to relocate to the city. The high demand for housing has made prices for homes in Vancouver extremely high. Currently, Vancouver has some of the highest real estate prices in the country. Around the world, it rivals major cities like New York and Los Angeles.
2. Vancouver is Canada’s second most powerful financial center
Vancouver is home to a powerful financial sector. Finance professionals, who work in institutions such as banks, insurance, asset management, and the stock exchange, are in very high demand in Vancouver, and within the last decade, the financial sector has produced more new jobs than any other industry. Because of the growing demand, Vancouver currently ranks as the second-largest financial center in Canada, the eighth-largest financial center in North America, and the seventeenth-largest in the world.
3. Vancouver is a cryptocurrency trading hotspot
Cryptocurrencies are a new type of digital asset that allows people to make transactions without relying on banks or other financial institutions. Though it has yet to achieve mainstream adoption as a currency, many people today make money by trading cryptocurrencies. Since Canada’s laws are slowly becoming friendlier to cryptocurrencies, Vancouver has become a growing hub for cryptocurrency trading, with major crypto company BitMEX designating the city as its North American hub. The ability to easily trade Bitcoin and other cryptocurrencies is why more Canadians are looking to crypto platforms. These platforms help to streamline trading while also giving traders a safe place to store their assets. Additionally, over fifty merchants within the city now accept the cryptocurrency Bitcoin as payment, and hundreds of locations allow traders to buy Bitcoin.
4. Vancouver is a hub for small businesses
British Columbia, which is the province where Vancouver is located, is one of the most business-friendly jurisdictions in Canada. Its low business tax rates and high small business investment budget helps to support the growth of small businesses in the province. British Columbia has also steadily reduced regulatory requirements, which makes doing business easier.
As a result of the extensive support from the provincial government, 98% of businesses in Vancouver are small businesses, which means they employ fewer than 50 employees. Most small businesses in Vancouver come from the finance, construction, health, education, and culture and recreation sectors.
Thanks to the support the Canadian government provides, business activities, such as trading, small business management, and financial services can freely thrive in the city of Vancouver. These factors help to stimulate the city’s bustling economy and improve the overall prosperity of the city.