Abstract The performance of three different types of wave energy converters (WECs) is evaluated at hundreds of Canadian locations using wave activity data made available by the Marine Environmental Data Service of Canada. Two Atlantic and three Pacific locations are found where at least one of these devices operates with a capacity factor of greater than 20%, while also being located close to urban/industrial centers. The economics of a nominal 25 GWh wave power plant are investigated at these five locations and compared among the three WEC types using two indicators: the 25-year life-cycle cost, and the required price of electricity for a 10-year simple payback period. The lowest required electricity price for a 10-year payback is $0.089/kWh, and occurs at a location near the Hibernia Oil Platform using the AquaBuOY WEC. The highest annual capacity factor is 32.1%, which occurs near the Hibernia Oil Platform when using the WaveDragon WEC. The 25-year life-cycle cost evaluations suggest that wave power plants at locations near Ucluelet, St. John's, and the Hibernia Oil Platform could all be profitable using either the AquaBuOY or the WaveDragon if a price of electricity between $0.10 and $0.15/kWh can be secured, depending on location and device.