Industries with the Largest Number of Businesses in Canada in 2023

1. Apartment Rental in Canada

Number of Businesses for 2023: 355,466

Revenue for Canadian apartment lessors has grown in recent years. Apartment lessors collect rental income from properties they lease, where the rates they charge are largely determined by market forces. The supply of apartment rentals has grown at a slower rate than demand, which has elevated rental rates to the benefit of lessors. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a decline in revenue until 2021. Revenue has grown since 2022 as higher... Learn More

2. IT Consulting in Canada

Number of Businesses for 2023: 94,032

The IT Consulting industry in Canada is composed of companies that help private businesses and public sector agencies design, implement and manage information technology (IT) systems. Demand for industry services is positively affected by growth in corporate profit and business sentiment. As these drivers strengthen, companies increase expenditure on industry services. There has been a significant degree of technological change due to the increasing prevalence of cloud-based services, mobile apps and other cutting-edge software. These technological changes have been a significant driver of growth in the industry, while also responsible for declining industry-relevant revenue among larger operators. The industry managed... Learn More

3. Primary Care Doctors in Canada

Number of Businesses for 2023: 85,202

Demographic trends drive the rising demand for comprehensive primary care in Canada. An aging population's expanding medical needs are increasing the demographic's consumption of medical services. Primary care physicians are also first in line to help this demographic navigate complex conditions and visit specialists. Sudden population growth in Canada – an outcome of a surge in immigration and temporary residents – has also expanded the need for primary care physicians. Rising spending on primary care was abruptly disrupted by COVID-19, leading providers to navigate unprecedented financial and operating pressures. Telehealth adoption did help primary care providers continue to meet with... Learn More

4. Management Consulting in Canada

Number of Businesses for 2023: 84,629

Management consulting in Canada is composed of companies that provide consulting services to private businesses and the public sector. These advisory services are tailored to provide strategic, financial, marketing, operational and supply chain management consulting services. Businesses partake in mergers and acquisitions, joint ventures, divestitures and initial public offerings based on their expectations of what the future holds. Although the company provides countercyclical services that support industry revenue during economic downturns, the COVID-19 pandemic hindered industry operations in unprecedented ways in 2020. Revenue is expected to grow at a CAGR of 2.0% to $23.9 billion over the years to 2023,... Learn More

5. Real Estate Sales & Brokerage in Canada

Number of Businesses for 2023: 82,941

Real estate sales and brokerage services are closely aligned with the health of the Canadian real estate market. Revenue rises alongside property prices and real estate transaction volumes as real estate agents are paid on a commission basis when they close a deal. A growing, aging and progressively wealthy Canadian population has boosted demand for residential properties. Industry revenue has been growing at a CAGR of 7.3% over the past five years, and is expected to reach $26.0 billion through the end of 2023, despite a decline of 2.5% in 2023 alone.

Revenue has grown despite a sharp decline in the... Learn More

6. Full-Service Restaurants in Canada

Number of Businesses for 2023: 78,583

The Full-Service Restaurants industry in Canada has experienced an expansion in performance over the past five years, as the COVID-19 (coronavirus) pandemic erased several years of steady growth, but a forecast strong recovery offset this trend. Before the pandemic, rising per capita disposable income and consumer spending levels drove industry expansion. However, the pandemic created an unprecedented and steep fall in industry revenue, leading to widespread layoffs and closures. While remaining restaurants have adapted to unfavourable operating conditions by offering takeout and delivery options, depressed sales and rising costs have led to poor profitability among industry establishments. However, industry revenue... Learn More

7. Long-Distance Freight Trucking in Canada

Number of Businesses for 2023: 57,687

Revenue for long-distance freight trucking services is expected to grow alongside favourable consumer trends. Consumption rates among consumers continue to grow, and the skyrocketing popularity of e-commerce has benefited demand for freight transportation. Meanwhile, the operating landscape has been difficult amid the pandemic and heightened internal price-based competition. Revenue is expected to grow at a CAGR of 1.3% over the past five years to $31.5 billion through the end of 2023, despite a decline of 1.4% in 2023 alone when profit will account for 11.9% of revenue.

Two major trends include continued merger and acquisition activity and improved inventory control. The... Learn More

8. Homebuilders in Canada

Number of Businesses for 2023: 47,418

Investment in residential housing construction has benefited homebuilders in Canada in recent years. Immigration into Canada has translated into unprecedented population growth, driving a deepening housing crisis. New housing starts haven't kept up with the population growth, making homebuilders more critical than ever to meet housing demand. Home shortages and changes in buying behavior supported homebuilders during the COVID-19 pandemic. Still, the pandemic's disruption to global supply chains didn't spare contractors, with equipment and material costs reaching unprecedented highs. Long-lasting impacts of the pandemic continue to disrupt contractors, with elevated interest rates and inflation slowing down housing starts in 2023.... Learn More

9. Local Freight Trucking in Canada

Number of Businesses for 2023: 37,991

Canadian local freight truckers have benefited from robust growth through 2023 as consumer spending recovers following the pandemic. Truckers will transport greater volumes of manufacturing inputs and consumer products as the government lifts pandemic restrictions. Increasingly complex manufacturing and retail supply chains has also pressured many downstream industries to outsource logistics operations and transportation to local freight truckers. Local freight trucking revenue has been skyrocketing at a CAGR of 4.1% over the past five years, and is expected to total $17.6 billion through 2023, despite dropping an estimated 1.3% in 2023 as economic recoveries stall.

In particular, owner-operators have endured pressure... Learn More

10. Hair & Nail Salons in Canada

Number of Businesses for 2023: 35,381

The Hair and Nail Salons industry in Canada has exhibited declining revenue over the five years to 2023, though it has grown in nearly every year of the reporting period besides 2020. The industry, which relies on the discretionary purchases of services like haircuts, hair tinting, hairstyling, manicures and pedicures, has benefited from rising consumer spending. Price premium services, include keratin treatments and gel manicures, have grown more popular in recent years. Despite this, industry revenue is estimated to fall at a CAGR of 2.6% to $4.7 billion over the five years to 2023. This decline can be mainly attributed... Learn More