NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
With the cost of living becoming more expensive every day, most Canadians are adjusting their spending habits— by either cutting back on expensive items, postponing big purchases, borrowing from friends, or pulling from their savings.
According to a recent survey by Statistics Canada, a majority of Canadians—nearly 75 per cent—have had to change their spending habits in order to meet daily expenses due to rising costs, with nearly half opting to delay purchases and more than a quarter resorting to borrowing money from friends and relatives.
The survey—conducted between April 19 and May 1, 2022—found most Canadians are being affected by rising food prices, followed by increasing housing costs and growing transportation costs.
Inflation in Canada peaked at 6.8 per cent in April — the highest since January 1991.
According to the survey, nearly half of Canadians reported that they were looking at sales and promotions in order to make their purchases within the budget.
Forty-seven per cent of those surveyed were making adjustments by looking for cheaper alternatives, brands, and items, with 45 per cent delaying any purchases due to the price surge.
In order to meet daily expenses, more than one-quarter (27 per cent) of Canadians have resorted to borrowing from friends or relatives.
The report said that groups borrowing money to meet daily expenses belong to the bottom two household income groups. These groups also included younger individuals (aged 15 to 39), households with one child, and persons with a disability.
With increased borrowing, more Canadians are also finding it difficult to save.
About 24 per cent said that to meet their daily expenses, they had to pull from their savings. Savings had reduced for 29 per cent of the Canadians surveyed, with 19 per cent no longer being able to save.
Housing and rent affordability
The findings from Statistics Canada show that younger Canadians are more likely to feel the pressure of rising house/rent prices than older Canadians.
Both rented and owned accommodation have been on the rise in Canada, making it impossible for first home buyers to own a home.
Meanwhile, more than half (56 per cent) of Canadians are concerned whether they can afford housing or rent.
Shelter prices, including rented and owned accommodation, in Canada, have surged to 7.4 per cent over the year in April 2022— the largest increase since 1983.
More than half (53 per cent) of younger Canadians aged 15 to 29 and 39 per cent of those aged 30 to 39 were twice as likely to be impacted by housing or rent affordability than those above 40 (20 per cent), according to Statistics Canada. Older Canadians were more likely to have purchased and paid off their home and this may have resulted in the huge difference between age groups.
Rising cost in both rental and owning a home also led to many younger adults delaying plans to buy a home or move into a new rental.
Food from shelves has become more expensive for Canadians. Basic food supplies such as fresh fruits (10 per cent) and vegetables (+8.2 per cent) have seen a surge during the past year.
While rising food prices were a concern for urban residents, transportation was a bigger concern for rural residents.
Among Canadians buying gasoline, 94 per cent said they are very (67 per cent) or somewhat (27 per cent) worried about the rising gasoline prices.
With growing hopes to return to normalcy, rising gas prices has shown an upward, concerning trend. Across all provinces, the average gas prices continue to rise.
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
A Canadian diplomat and an RCMP officer heaped praise and gratitude on a sanctioned Haitian businessman that Global Affairs accuses of gangland connections, after he allowed a helicopter airlift of Canadian citizens and police at his luxury golf course last month, emails provided by his lawyers suggest.
A Saskatchewan boy who qualified for an international braille competition in Los Angeles next month hopes he can inspire change in his home province.
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
An immigration lawyer in Toronto says new figures from the federal government show just how 'grudging' Ottawa's efforts have been to rescue Canadians' family members from the war in the Gaza Strip.
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.