Toronto Business Closures Hit Highest Level Since 2020 Lockdowns

Toronto’s entrepreneurial spirit is alive and well—but so is the region’s crushing reality. Statistics Canada (StatCan) data shows Toronto CMA saw the most April business openings in at least 11 years. At the same time, it also saw the second-most April business closures on record—only behind 2020. The combination has driven the number of active businesses in the region to its lowest level in almost 4 years. Toronto Business Slump: Fewest Businesses Operating Since 2022 The number of active businesses operating across the Toronto CMA. Source: StatCan; Better Dwelling. Toronto has seen the number of businesses operating fall for a seventh straight month. Active businesses in the CMA made a minor drop of 14 businesses to 187,700 in April, 0.9% (-1.8k) lower than this time last year. Since peaking in January 2024, the region’s business count has dropped 1.6% (-3.0k) to its lowest since June 2022. That’s nearly a 4-year low for what’s often touted as Canada’s business capital. Toronto Sees Most April Business Openings In At Least 11 Years The number of April business openings across the Toronto CMA. Source: StatCan; Better Dwelling. The eroding business landscape in Toronto definitely ...