Illustration: Alex Mathers Illustration: Alex Mathers

It’s a well-worn business truism that you have to spend money to make money. But there’s no reason why you can’t spend that money smartly. Infrastructure and overhead are among the biggest costs of any business, so locating yours somewhere affordable can generate big savings.

Canada is full of bustling cities and booming towns that would love to host you newest venture, office or outlet. But not all of them are cheap to set up and run a business in. To make the most of your investment, you need to find an affordable location.

Help is at hand. For the first annual study of Canada’s Best Places for Business, we surveyed 50 of the country’s largest municipalities to find the ones with burgeoning markets, the lowest costs and the most amenable tax and regulatory regimes. Want to know where to set up your office or venture? Look no further than our rankings, and the soon-to-be-release exhaustive directory of municipalities. Here are the Canada’s Top 10 Most Affordable Places for Business for 2015:

1. Montréal, Quebec

2. Moncton, New Brunswick

3. London, Ontario

4. Edmonton, Alberta

5. Windsor, Ontario

6. Trois-Rivières, Quebec

7. Saint-Hyacinthe, Quebec

8. Sherbrooke, Quebec

9. Québec, Quebec

10. Saguenay, Quebec

The Canadian Business Best Places for Business relies on a mix of self-reported data from the municipal governments and independent demographic and market data. Cost indicators factored into the ranking of Canada’s Most Affordable Places were as follows: average home price (lower is better), total building permits issued in the last year (higher is better), average time to buy a home (lower is better), average office lease rate (lower is better), average commercial lease rate (lower is better), average price of industrial land (lower is better).

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