Canada’s robust economy is a reflection of its diverse and flourishing industries, which have propelled the country to a prominent position on the global stage.
As a nation rich in resources and innovation, the country has cultivated a business environment that thrives across multiple sectors. These industries not only fuel economic growth but also offer vast opportunities for development and investment. At this moment, there are several industries which have seen notable growth and development in 2024.Ā
Real Estate
According to Statista, this sector is anticipated to grow at an annual rate of 3.71% from 2024 to 2029, reaching a total market volume of $10.16 trillion by the end of the period.
A notable part of this growth is seen in the apartment rental sector, which benefits from steady economic conditions and changes in population trends. Over the past five years, revenue from apartment rentals has increased at a compound annual growth rate of 0.7%, and it is expected to hit $61.2 billion by the end of 2024.
Cities like Toronto and Vancouver have experienced rapid increases in property values, fueled by both domestic and international demand. Additionally, the shift toward remote work has increased the demand for homes outside major city centers, as more people look for larger living spaces.
iGaming
Canada’s iGaming industry is on a fast track to substantial growth, and its value is expected to reach $5.71 billion by 2029. This surge is supported by a growing base of online gamblers, since estimates say that by 2029 there will be around 33.9 million active online gamblers.
In terms of the popularity of games, online slots remain a favorite among Canadians. However, also popular among the population between 30 and 45 are live dealer games, where the lovers of blackjack and baccarat strategy or poker hands can test their skills while communicating with real dealers and players.
Beyond traditional casino games, the online sports betting sector is also expanding rapidly. By 2029, it’s expected that 25.5 million users will participate in online sports betting in Canada. Ice hockey remains the most popular sport to bet on, reflecting Canada’s deep cultural connection with the sport. However, other sports like lacrosse and basketball are also seeing increased betting activity.
E-Commerce
The e-commerce sector is anticipated to achieve a compound annual growth rate of 14.5% from 2024 to 2029.
Among the major players in this space, Amazon stands out with its large market share. The companyās success can be attributed to its extensive product range that caters to various consumer needs, from everyday household items to more niche markets like streaming services and books.
Moreover, the shift towards mobile commerce is significantly reshaping the shopping habits of Canadians. Digital payment systems such as Apple Pay and Google Pay are becoming more prevalent.
In terms of consumer preferences, a survey by Aftership reveals that clothing ranks as the top purchase on Canadian e-commerce platforms, followed by home and garden accessories, and health and fitness products.
Banking
This industry supports personal and business financing, and also contributes significantly to the country’s GDP and employment.
Canadian banks are noted for their accessibility, with over 99% of adults in the country holding an account with a financial institution. This high level of banking penetration underscores the sector’s role in fostering an inclusive financial environment where nearly all Canadians can access banking services.
In terms of economic impact, banks in Canada contribute approximately 3.5% to the national GDP, amounting to over $70 billion annually. In 2023 alone, the taxes paid by the six largest banks in Canada totaled $15 billion.
Employment within the banking sector is also noteworthy. Domestically, these banks serve nearly 3 million entrepreneurs, self-employed individuals, and small to medium-sized businesses.
Renewable Energy
Canada’s renewable energy sector is a vibrant part of the national energy landscape, utilizing the country’s extensive natural resources to produce clean, sustainable power. With a landmass that includes vast forests, mountain ranges, and coastlines, the country harnesses a diverse array of renewable energy sources such as geothermal, hydro, solar, wind, biomass, and ocean energy.
Hydroelectric power is the backbone of Canada’s renewable energy supply. The country’s rivers and large watersheds provide a steady flow of water, which, when converted into energy, generates a significant share of electricity without the emission of greenhouse gases. Similarly, Canada’s wind energy sector has seen rapid growth, with wind farms now a common sight in many provinces.
In total, 68% of Canada’s electricity is generated from renewable sources, with an impressive 82% coming from non-greenhouse gas emitting sources, including nuclear power.
Supporting Innovation and Sustainability
Each industry exhibits significant growth and innovation, reflecting Canada’s strategic approach to economic diversification and its commitment to sustainability. With important contributions to the GDP and a focus on technological advancement, these sectors not only highlight Canada’s economic resilience but also its potential to maintain and expand its influence in the global market.
As these sectors continue to evolve, they are expected to foster stronger economic ties and greater innovation, particularly in areas like artificial intelligence in banking and green technologies in renewable energy.