Hot Off the Pans: What are Canada’s Freshest Markets to Buy a Restaurant Right Now?
There’s no better place than Canada to open a restaurant: with polite people, a multicultural food scene, and business-friendly policies, this great northern country may be chilly, but its markets certainly aren’t!
If you have a passion for service and a deep love of food, you’ve probably considered opening your own restaurant before. However, the idea of building a restaurant from the ground up can be incredibly daunting, which is why there’s a better solution: purchasing a ready-made business from an owner who would like to divest.
How to get involved in the Canadian restaurant craze: business marketplace sites
While becoming a restaurateur is incredibly exciting, it can also be costly if you’re building from the ground up. That’s why purchasing a business is the very best investment you can make, as all the groundwork has already been done: developing a business plan, creating a menu, buying the costly equipment, and hiring expert staff. Instead of spending years acquiring resources and forging relationships with vendors, you can jump into what you really love doing, which is serving delicious food to grateful customers.
In decades past, buying a business required connections and special knowledge, but now it’s easier than ever to find a business owner who would like to divest in their company. Using a business marketplace site lets you search for companies across Canada that are on the market, as well as glean details based on its past profitability. You can be assured that you’re making a great investment, as you’ll have all the financial information necessary to choose your restaurant wisely.
With that in mind, here are the best markets for buying a Canadian restaurant, based on population growth and location.
Moncton, New Brunswick
The largest city in the province of New Brunswick, Moncton only grew larger in 2022, with the fastest growth in all of Canada. Its centralized location in the province earned it the nickname of “Hub City,” and it continues to earn its title by serving as the nexus of culture and prosperity in the Maritimes. As a multicultural city, any manner of restaurants would do well here, and its powerful transportation opportunities mean ingredient procurement is a breeze.
Halifax, Nova Scotia
On the Atlantic Coast of Canada, Halifax was the second fastest-growing metropolitan area in Canada during 2022, meaning there are abundant opportunities to purchase a restaurant. This stunning area, right on the coastline, is known for its breathtaking natural landscapes and delicious seafood. Halifax also has a boisterous and close-knit community; with that famous Canadian hospitality, you’ll have no problem making long-lasting connections and building a loyal customer base.
In addition to all those benefits, Halifax has a rich history as a hub for maritime industries, something you can capitalize on when building the theming for your restaurant. A little bit of research and careful branding will go a long way in capturing this marketplace!
Kelowna, British Columbia
Kelowna is a hidden gem in British Columbia’s Okanagan Valley, with gorgeous sandy beaches, awe-inspiring mountains, and a variety of outdoor recreational activities. Downtown Kelowna includes both a waterside City Park and a lakeside cultural district, highlighting one of the region’s most beautiful assets, Okanagan Lake. Its growth rate was the highest in all of Canada from 2016 to 2021, and it continues to show strong population growth in 2023.
Possible properties to purchase include cafes, wineries, and seafood restaurants. The locals are especially invested in protecting their wildlife, meaning that environmentally-friendly upgrades to an existing restaurant would be very well-received.
A little north of Lake Erie sits London, Ontario, a small but mighty metropolitan area with a remarkable variety of restaurants, from Asian fusion to American-style pizza. With a variety of powerhouse industries, including higher education, research, manufacturing, and technology, the inhabitants of London hail from many backgrounds, meaning that there’s a market for nearly any restaurant. Strong population growth bodes well, and purchasing a restaurant here will mean continued prosperity for years to come.
Everyone loves to enjoy a delicious meal in a beautiful restaurant: it’s a touch of luxury that brings a smile to anyone’s face. The hospitality and food industry is guaranteed to thrive for years to come, and Canada has a variety of great markets in which to purchase and revamp a restaurant. While nearly any metropolitan area in Canada has great growth potential, four of the hottest are Moncton, New Brunswick; Halifax, Nova Scotia; Kelowna, British Columbia; and London, Ontario.
Using a business marketplace site offers you access to your entrepreneurial dreams with a faster return on investment, meaning that you can focus on what you really love: offering world-class service and amazing meals to your loyal customers, with a splash of local flair to really capture a diner’s heart.