Is this the year you become a restaurateur? Four hot Canadian markets to buy a restaurant in 2023
After the Covid-19 pandemic, people are eager to get out there and enjoy life’s pleasures again, and dining out is consistently at the top of that list. At the same time, many well-managed restaurants have faced cash flow issues, and their owners may be looking to divest. It’s never been a better time to pounce on opportunity and take over management of a successful restaurant, whose only problem was a lack of funds due to low demand during lockdowns.
Canada is the perfect place to buy a restaurant, as it has a strong economy, a multicultural demographic, and business-friendly policies that nurture growth throughout the country. Four provinces are especially poised to capture a greater share of the marketplace, and you could benefit from this as well by using a business marketplace site to find great opportunities across the country.
Why should you use a business marketplace site to purchase a restaurant?
When people think of becoming an entrepreneur, they almost always assume that they have to start from the ground up, but that’s just not true, especially in today’s modern age. Buying a restaurant is an amazing opportunity, as it vastly reduces the investment necessary to become a restaurant owner. Some of the major perks of buying a business include existing equipment, previous connections with customers and vendors, and staff already familiar with the functioning of the restaurant.
No longer do you have to spend years building a business by scratch – you can easily find owners eager to sell through using a business marketplace site. With a repository of possible opportunities, you can carefully vet each one and compare your many options all throughout Canada.
With an understanding of why business marketplace sites are such a powerful resource on your journey to becoming a successful restaurateur, let’s take a look at the brightest markets in Canada that will be the best bets for your purchase.
British Columbia
If you take a look at any list of the fastest-growing metropolitan areas in Canada, you’ll notice one name comes up over and over again: British Columbia. In the most recent report by Statistics Canada, a whopping four of the top five fastest-growing cities in Canada were in British Columbia, including Kelowna, Chilliwack, Kamloops, and Nanaimo.
This gorgeous province is also home to several major economic areas that have been proven winners for decades, including Vancouver, Victoria, and Surrey. You have boundless opportunities in this temperate region on the Pacific Coast of Canada, whose close connection with the major US cities of Seattle and Vancouver, Washington, encourage international tourism.
Nova Scotia
On the other side of the country lies Nova Scotia, whose advantageous position on the Atlantic Coast has made it a major maritime transportation hub for centuries. Halifax, Nova Scotia, is a hot market with rapid economic expansion and impressive population growth over the past years, which is only going to continue for decades. You’d do well not to sleep on this growing market and consider purchasing a proven winner, such as a seafood restaurant or cafe.
Alberta
The prairie province of Alberta is rich with natural resources, including timber, oil, and minerals; it also has a piping-hot manufacturing industry. Alberta is a powerful transportation hub home to several major cities, including Calgary, Edmonton, and Medicine Hat, which all boast impressive tourism numbers and high populations. In other words, many things – people, products, and money – move through Alberta, which creates a strong market for hungry customers.
While it may not have the international name recognition of other provinces, this diverse ecological paradise has sway throughout Canada, with many hardworking individuals in a variety of fields who all need to relax and unwind with a great meal. You’ll always find customers here, especially for hardy meals desired by oil and timber workers after a long spell out in the field. Great marketing focused on the local demographics will earn you big profits in this area, as will developing strong relationships with workers.
Ontario
Home to one of Canada’s largest and most well-known cities, Ontario truly needs no introduction: it’s a beehive of many industries, including research, higher education, tourism, and manufacturing. People from all over the world flock to Toronto and Niagara to enjoy its many attractions, and many go further afield to explore quainter small towns, like London or Niagara-on-the-Lake. Though it’s a crowded market, that means there’s many opportunities to market your business as unique and gain a portion of the hefty tourism profits that flow through this economic hub.
Final thoughts
While every Canadian province has its charms, these four provinces have strong economic growth, geographic advantages, and unique features that make them a great place to purchase a restaurant.
Regardless of where you choose to purchase a business, know that a business marketplace site is your greatest ally in selecting a winning company to manage. With a business marketplace site, you can pore through thousands of opportunities all across the country before pinpointing the exact area you’d like to research in more detail. You’ll have access to extensive resources that make your final decision even easier.
