Half of Canadians are concerned about the cost of housing, according to Statistics Canada
Half of Canadians are concerned about the cost of housing price increases, including the cost of houses, rental apartments, water, fuel, and electricity, jumped nearly 7.4% in April from a year ago and concern a majority of Canadians.
The Statistics Canada survey also reveals that more than one out of two Canadians aged 15 to 29 and two out of five Canadians aged 30 to 39 report being
very concerned about their ability to meet their housing costs.
Rising prices are also affecting the ability of Canadians to move. Thus, 40% of people surveyed aged 15 to 39 said they wanted to change housing or buy a property, but said they had not done so because of the increasingly high costs. In the population as a whole, 24% of respondents admitted not having moved because of high real estate prices.
However, older Canadians are more likely to already own a property, which probably explains why they are less concerned about it, notes Statistics Canada in its survey.
Rush expected at food banks
The Statistics Canada survey highlights another dramatic consequence of high inflation in the country: the use of food aid services.
In this regard, 20% of Canadians believe
very probable Where
rather likely to have recourse to community organizations that provide meals or foodstuffs. This is ten times more than during the first months of the pandemic, indicates Statistics Canada.
With growing needs since the beginning of 2020, the need to have access to food banks and their attendance is constantly increasing. Families with at least one child under the age of 18 are three times more likely than households without children to use it, according to Statistics Canada.
Food safety is top of mind for Canadians, survey finds. The increase of nearly 10% in the price of foodstuffs has something to do with it; this is the main concern of 43% of respondents in the country.
Transport, housing, and current household expenses follow. However, the Statistics Canada study notes some disparities in these data between provinces, as well as between people who live in urban and rural areas – for example, in the cost of transportation.
But gasoline prices are an almost universal concern for Canadians, nearly 94% of whom are concerned about its cost – which spills over into other sectors of the economy.
Reduce consumption to curb inflation
The main measure that Canadians intend to take to deal with the very high inflation in the country is to reduce their consumption. Not only do half of them say they have looked for sales or products at reduced prices, but a similar proportion also says they have fallen back on products or alternative brands – less expensive.
A quarter of Canadians said they had borrowed money or taken on more debt to pay for daily expenses, according to the Statistics Canada study.
The poorest households, young people, and racialized people are however more likely to have borrowed money or taken on debt, according to data collected in the survey.
To cope with inflation, many Canadians have had to dip into their savings or save less – a quarter of them.
Inflation reached 6.8% in Canada in April. And while three-quarters of Canadians say rising prices affect their ability to pay their living expenses each month, people with low incomes are more concerned about high inflation.