Police resources can only do so much and can only be in so many places at one time so it is important for citizens to take some responsibility for their personal and neighbourhood safety. Also, some Canadian police services have started downsizing. ie. Calgary Downsizing and Toronto Downsizing.
In recent years in the GTA, police services stopped attending traffic accidents where no one was taken by ambulance to the hospital. These collisions are now handled at Collision Reporting Centres. Property crimes like theft from vehicles, stolen vehicles, shoplifting, damage to property, etc. now are reported online with your local police or over the phone. Police rarely attend. Academics like Patrick Sharkey, author of Uneasy Peace, advocate that police services are not needed as much for public safety and that citizens can take up more responsibility for their neighbourhoods. March 2018 saw the approval of the Safer Ontario Act which allows for non-police agencies to perform some of the duties traditionally done by police.
In Toronto, the Transformational Task Force report from 2016 suggested downsizing from 17 police stations down to 10 stations amongst other reductions. With a 35% reduction in TPS police stations, service and response times are more likely to get worse rather than better. This trend will likely continue with the direction that society is going, placing a greater burden on citizens for their own safety.
With fewer police officers responding to crimes, citizens need to do more to help report and solve these crimes. Neighbourhood watch organizes residents into a better mode of communication and ones with cameras can help gather video evidence of perpetrators and suspicious vehicles.
Meta-analysis shows that neighbourhood watch reduces crime by about 16% (Source, see "Summary of the results"). It also aides in an investigation because it informs neighbours with cameras that a crime has occurred and they can check their video for a possible perpetrator or suspicious vehicle, something that likely would not happen without a watch.
It is free and therefore one of the cheapest ways to protect your property and neighbourhood. Automation has made it almost effortless so there is no reason not to sign up and start a neighbourhood watch.
There are several different types of neighbourhood watch schemes. Here is a list of the most common ones and their advantanges and disadvantages.