cost of living in canada

New stats show the majority of Canadians can't keep up with the cost of living

As Canada's major cities see ever-skyrocketing housing and rent prices alongside rising inflation rates, lending rates and an increase in the general costs of living, more and more residents are unsurprisingly struggling to make ends meet.

A new survey reveals that this number is way higher than many might anticipate, however, with more than half of Canadians saying they can no longer keep up financially, and a whopping 70 per cent finding themselves stressed about money while the price of everything spikes.

The research from the Angus Reid Institute, released on Monday, revealed that 51 per cent of those surveyed wouldn't be able to manage a sudden expense of $1,000 if they had to, while 53 per cent say they can't keep pace with soaring costs where they live.

The nation is currently seeing its highest inflation rates since 1991 — recently hitting 5.1 per cent — with the price of food, electricity, and gas in particular jumping, the latter by a staggering 31 per cent more than this time last year, per the CBC.

Shelter costs across the country have also gone up 6.2 per cent in the past year, which is the most of any year since 1990.

Ontarians in particular, especially Torontonians, are no strangers to things being completely unaffordable, with the city now the most expensive in the country and one of the priciest in the world to buy or build a home in, to rent in, and to generally live in as available housing, especially affordable housing, remains sparse.

It costs nearly $40,000 more than the average Toronto resident earns per year to be able to thrive in this city, which is why so many are moving away, most residents well aware that they will never be able to own a home here and will be renting forever, also at extraordinary costs.

Other takeaways from the study include the fact that 36 per cent of Canadians say they currently have too much debt, one in seven say they couldn't even handle any surprise expense or bill of any amount due to their financial situation, and 75 per cent say they have had to severely modify their spending in recent months to avoid financial ruin.

It is worth noting that though 34 per cent of the 1,622 respondents say that they agree that they can't keep up with the cost of living here, another 33 per cent say they disagree with the statement.

An additional 19 per cent say that they strongly agree, 11 per cent strongly disagree, and three per cent are unsure.

Lead photo by

Fareen Karim

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