Oakville- the best smallest city in Canada to get rich.

Oakville- the best smallest city in Canada to get rich.

If the recent report of Oakville’s ridiculously high housing costs has hit you hard, leaving you worried and anxious, another study says you did the right thing by choosing this city as your home.

A recent study by Yore Oyster, a personal finance website in Canada aimed at cost-conscious Canadians, found Oakville to be the #1 “Best Smallest Cities in Canada” to get rich. This list focused on small cities “that attract more people and businesses.”

The top 20 cities selected for the study were Oakville, Burlington, Saskatoon, Regina, Barrie, St. John’s, Saanich, Waterloo, Guelph, Sherbrooke, Kamloops, Greater Sudbury, Lethbridge, Kingston, Thunder Bay, Lévis, Kelowna, Trois- Rivières, Nanaimo and St. Catharines.

Jordan Bishop, the site’s founder, explains how the Yore Oyster team selects the cities on the list. They conducted their analyzes on every Canadian city “that had reliable data”. The country’s largest cities were deliberately excluded from the study “because it is known that in Toronto or Vancouver, other things being equal, one earns more than in smaller cities (especially in professional careers), but the differences between smaller cities are larger and less obvious.” .”

For each city, the team collected data from trusted sources, including public sector providers such as Statistics Canada, CREA, the Government of Canada and each city’s official website. The cities were ranked based on three factors:

Median household income after taxesMonthly cost of livingGross domestic product per capita (GDP)

Bishop adds that the team conducted this study “to help Canadians (particularly young people with few roots in a single place) decide where to live if they want to have the best chance of becoming wealthy in the long term will.”

According to the study’s findings, “No matter what industry you represent, Oakville is all about economic opportunity, growth and success. The city’s economic indicators show the overall picture: from almost full employment to above-average household incomes.”

In our city, the median after-tax household income is $95,035, the annual GDP growth rate is 3%, and the cost of living (monthly) is $2,984. It also means that the average household income in Oakville is $38,306 higher and the monthly cost of living is $502 higher than in St. Catherines, the 20th city on the list.

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