Inflation is making it harder for many Canadians to get what they need. The country is seeing higher inflation than that which has been seen in years and recently increased to 5.1% in Jan of this year.
As things rise with regard to the cost of living around the country it means those with incomes that are unable to adapt to that increase in prices are going to be struggling.
The inflation in Canada pushing prices up for food and other daily expenses is something that will leave those individuals with less ability to get their necessities and more.
Canadians are already responding by making cuts to their daily habits to get through.
It could mean using coupons, buying bulk items, looking to eat less, looking to buy off brand, cutting out meat or other items. These are just a few steps that people have taken to address the rise in costs.
Over half of Canadians are struggling to keep up with the cost of living
One recent survey showed that it might be as much as half of Canadians who could be struggling to keep up with this inflation or costs of living rising in the country.
For those who are around the Metro Vancouver region they are also seeing some of the most expensive prices for gas in all of North America.
The cost of living is a top issue for Canadian voters today. Come voting season we can expect that many Canadian representatives will start talking about this issue once more, vowing to address it in one way or another.
Canadians who are struggling today want to see action sooner rather than later. As things get more expensive it only means more will struggle to afford what they need and there could be devastating consequences for those who won’t be able to keep up.
Rising cost of rent and living in Canada
Right now rents in Vancouver are showing about a 16% increase with a price average at around $2,200 for an apartment to rent in Vancouver.
Toronto is around a 8% increase at $1,600 on average for an apartment in the city, according to recent data from the popular rental platform, Zumper.
Some other cities are seeing jumps around 13% in price for rent, 17%, 20%, or more.
Not every Canadian has a salary that is going to be able to keep up with these increases in the cost of living around BC and elsewhere around the country.
More than half of Canadians right now are estimated to be struggling with things currently, and social advocates and financial experts have warned that if things continue to economically decline with regard to the cost of living and inflation it will only push more into that struggle.