Industries with the Largest Number of Businesses in Canada in 2023

1. Apartment Rental in Canada

Number of Businesses for 2023: 337,767

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: 93,561

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. Over the five years to 2022, 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... Learn More

3. Real Estate Sales & Brokerage in Canada

Number of Businesses for 2023: 86,014

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

4. Management Consulting in Canada

Number of Businesses for 2023: 85,404

The Management Consulting industry 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. For instance, 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 (coronavirus) pandemic hindered industry operations in unprecedented ways in 2020. Still, IBISWorld projects industry revenue to increase an annualized of 1.9% to $18.7... Learn More

5. Primary Care Doctors in Canada

Number of Businesses for 2023: 83,848

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

6. Long-Distance Freight Trucking in Canada

Number of Businesses for 2023: 57,814

The Long-Distance Freight Trucking industry in Canada is expected to exhibit marginal growth at an annualized rate of 0.1% to reach $27.2 billion over the five years to 2022, which includes an increase of 1.8% in 2022 as the economic activity continues to improve following the initial spread of COVID-19 (coronavirus). Prior to the pandemic, economic conditions began to recover after a decline in global commodity prices between late 2014 and 2016. This increased demand for industry services as more goods required transportation. However, the industry also contended with rising internal price-based competition, which is not expected to lessen as... Learn More

7. Homebuilders in Canada

Number of Businesses for 2023: 54,190

The Homebuilders industry in Canada constructs homes in which units are separated by walls and typically have no units above or below them. Over the five years to 2022, a myriad of short-term trends, both positive and negative, have affected the industry. Demand fell toward the beginning of the period as housing starts declined in 2018 and 2019 as authorities tried to cool down an overheating housing market via increased property-related taxes and mortgage-related regulations. In 2020, demand increased amid the COVID-19 (coronavirus) pandemic due to historically low interest rates. Revenue continued to grow in 2021 as the economy recovered... Learn More

8. Taxi & Limousine Services in Canada

Number of Businesses for 2023: 42,968

The Taxi and Limousine Services industry in Canada provides a range of nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans. The industry has experienced brutal operating conditions over the five years to 2022. Growing consumer spending during much of the period stimulated demand for taxis and limousines. However, the proliferation of ride-sharing apps, such as Uber and Lyft, has enabled a wave of nonemployers to enter the market, increasing external competition, while the COVID-19 (coronavirus) pandemic severely eroded revenue in 2020. As a result, industry revenue is estimated to decrease an annualized 0.6% to $2.8 billion... Learn More

9. Day Care in Canada

Number of Businesses for 2023: 40,027

The Day Care industry in Canada provides care for infants or young children that are typically under the age of five. Additionally, operators may offer prekindergarten programs and care for older children when they are not in school. Over the five years to 2021, increased government consumption and investment and the rising number of women in the workforce have driven industry demand. As the maternal labour participation rate increases, fewer parents are available to take care of infants, toddlers and preschool-aged children. In addition, government subsidies have been critical in enabling families to afford the cost of day care. Nevertheless,... Learn More

10. Full-Service Restaurants in Canada

Number of Businesses for 2023: 38,338

The Full-Service Restaurants industry in Canada has experienced an expansion in performance over the five years to 2022, as the COVID-19 (coronavirus) pandemic erased several years of steady growth, but a forecast strong recovery offset this trend. Prior to the pandemic, rising levels of per capita disposable income and consumer spending drove industry expansion. The pandemic, however, created an unprecedented and precipitous fall in industry revenue, which led to widespread layoffs and closures. While remaining operators have adapted to unfavourable operating conditions by offering takeout and delivery options, depressed sales and rising costs have led to poor profitability among industry... Learn More