“Usually I put $50 a week,” a driver told CTV News. “Now I’m putting $80 a week for the same amount of gas.”
Food prices have also surged.
"Vegetables have gone up in prices, canned goods have gone up in prices, the fruit and everything else,” a shopper told CTV News. “Even the meat. Meat's ridiculous.”
"I'm undecided as far as which party, but whoever can take control of the cost of living,” a voter told CTV News.
Sarika Agrawal says she would spend $100 a week to feed her family of five a year ago. Today she says it costs closer to $200.
"Grocery prices and gas prices: two things they should do something about,” Agrawal told CTV News.
There has at least been some relief in the housing market. For the second month in a row, the price of homes in Canada dropped, according to data from the Canadian Real Estate Association. The average cost of a Canadian home in April was $746,000, down from a record high of more than $816,000 in Feb. 2022 – a decrease of nine per cent. Although increasing mortgage rates are helping cool the market, houses in Canada are still more expensive than they were a year ago.
The hot housing market in Vancouver is no exception. In the city’s east side, a dilapidated and completely uninhabitable two-bedroom home was recently listed for $1.5 million.
“There's not a whole lot out there for $1.5 million, strangely enough,” Vancouver realtor David Hutchinson told CTV News.
Statistics Canada is set to release its latest inflation numbers on Wednesday. While many hope inflation has peaked, data released in April showed inflation had reached a 30-year-high of 6.7 per cent.
Prices have been easing slightly recently, but affording a mortgage is still a very difficult task for many Canadians. How much of a mortgage can you afford? Contributor Christopher Liew breaks it down in an exclusive column for CTVNews.ca.
The Bank of Canada's strategy of rapidly increasing its key interest rate in an effort to tackle skyrocketing inflation will likely trigger a recession, says a new study released Tuesday from the Canadian Centre for Policy Alternatives.
Even though it may seem years away, saving for retirement is a top priority among 26 per cent of Canadians aged 18 to 34, a recent survey from the Healthcare of Ontario Pension Plan found. However, 79 per cent of respondents in that age group say saving for retirement is prohibitively expensive.
A new report says Canada should replace its "haphazard and unpredictable" approach to minimum wages across the country with a clear formula based on average incomes.
The Canada Day long weekend saw gas prices plummet in parts of the country, but the relief at the pumps may not stay for very long, analysts say. The decreases come after crude oil prices slid in June following the U.S. Federal Reserve's interest rate hikes, sparking fears of a recession.
As stocks continue to slump, it can be easy to let your emotions take over if you've got money invested in the market. But experts agree that there's no need to panic if you're invested in the right type of portfolio with the right level of risk.
With increasing rent prices likely to be the reality for many Canadian tenants, some may be wondering how to navigate rising costs, or whether any course of action can be taken, if any. Legal experts across the country share their advice on how to handle a rent hike.
