Canada Post is increasing stamp prices for the third time since 2019, a move the Crown corporation says is a "reality" of its sales-based revenue structure.

Effective Monday, postage rates are increasing by seven cents per stamp, to 99 from 92 cents, for those sold in booklets, coils and panes. Domestic stamps bought individually, meanwhile, rise to $1.15, from $1.07. The rate change will also impact other prices, including those for U.S., international and domestic registered mail services.

First announced in February, the increases received regulatory approval under the federal Canada Post Corporation Act last month.

This year's increase follows price bumps of five cents in 2019 and two cents the following year, as well as what Canada Post called "the last major pricing change" in the spring of 2014.

"Canada Post understands the importance of the delivery service it provides and works to minimize the impact of price changes on all customers, ensuring any increases are fair and reasonable," a release from the corporation reads.

"As an organization funded by revenue from the sale of its products and services, not taxpayer dollars, rate changes are a reality."

Canada Post has been facing financial difficulties in recent months, reporting a $748 million loss before tax in 2023 amid a "post-pandemic surge" in competition for parcels, decreasing transaction mail and rising costs.

Since the beginning of the pandemic, the corporation's market share for parcels has dropped significantly, to 29 per cent last year from 62 per cent. Meanwhile, the average Canadian household received just two letters per week in 2023, down from six in the mid-2000s.

Without changes to the postal service, the release reads, "larger and unsustainable losses" can be expected in the future.

"Canadians understand our business model must change. They can see it in their mailbox," said Canada Post president and CEO Doug Ettinger.

"Canadians still value the importance of their national postal service, which is why we're working in partnership with the Government of Canada to put it back on the path to long-term financial sustainability."