As Canadians continue to feel the effects of decades-long inflation, one in four say they can’t afford an unexpected $500 outlay, according to new data from Statistics Canada.
The report, released on Monday, also showed that more than a third (35 percent) of the population has struggled to make ends meet over the past year as the cost of essential necessities has skyrocketed.
Meanwhile, almost half of Canadians said they were concerned about keeping a roof over their heads.
“While the vast majority of Canadians were concerned about rising gas and food prices, nearly half (44 percent) said they were very concerned about their household’s ability to afford housing or rent,” Statistics Canada said.
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Young adults, women and racist groups in particular have felt the impact of the high cost of living, StatCan data showed.
Statistics Canada conducted its survey between October and December 2022.
Almost half (46 percent) of Canadians aged 35 to 44 said they have faced challenges covering their expenses in the past 12 months. That was the highest proportion of any age group, followed by 41 percent among those aged 45 to 54.
Recent polls by Ipsos, conducted exclusively for Global News, echoed some of these concerns, with 22 percent saying they were “completely out of money” to the extent that they would not be able to spend more on household items pay.
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Affordable housing was a top concern for a majority (over 55 percent) of the younger demographic — those aged 15 to 34 — as well as black Canadians (74 percent) and the South Asian community (65 percent), the StatCan data showed.
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This comes as rents and mortgage rates are skyrocketing across the country.
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According to Canada Mortgage and Housing Corporation (CMHC), tenants in Canada are facing the toughest market since 2001, with low vacancies, higher prices and rising demand.
In December, the national median rent increased more than 12 percent to $2,005 year-over-year, according to Rentals.ca’s January 2023 Rent Report.
This was the second month in a row that the average monthly rent in the country exceeded $2,000.
Rising housing costs prompted many Canadians to relocate in the past year, Statistics Canada found in its survey. Among those who relocated, those who identified as Filipino (48 percent), South Asian (41 percent), and Black (40 percent) said it influenced their decision.
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Financial optimism as inflation slows
Canada’s annual inflation rate hit a 40-year high last year, reaching 8.1 percent in June 2022.
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Inflation last year rose 6.8 percent compared to 2021, with Canadians seeing the biggest price gains on transportation, food and housing.
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However, inflation has eased in recent months, fueling optimism among Canadians despite financial difficulties.
In December, inflation cooled to 6.3 percent — the biggest monthly decline since the start of the COVID-19 pandemic, according to Statistics Canada’s latest inflation report, released last month.
Younger Canadians were more optimistic than older Canadians about improving their financial situation within a year, Monday’s report said.
“One possible explanation is that seniors are more likely to live on a fixed income or pension,” StatCan said.
– with files from Craig Lord of Global News
© 2023 Global News, a division of Corus Entertainment Inc.
Source: globalnews.ca
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