Nearly one in two Canadians, or 56%, are worried or overly concerned about their financial ability to find housing, according to a new survey conducted by Statistics Canada from April 19 to May 1 and released on Thursday.
Housing price increases, including the value of homes, rental apartments, water, fuel and electricity, jumped nearly 7.4% in April from last year, and are worrying most Canadians.
The Statistics Canada survey also revealed that more than one in two Canadians aged 15 to 29 and two in five Canadians aged 30 to 39 reported very worried their ability to meet their housing costs.
Rising prices also have an impact on the ability of Canadians to migrate. Thus, 40% of people surveyed aged 15 to 39 said they wanted to switch housing or buy property, but said they were unable to do so because of the increased cost. Of the population as a whole, 24% of respondents admitted that they did not move because of high real estate prices.
However, older Canadians are more likely to already own a property, which likely explains why they are less concerned about it, Statistics Canada said in its survey.
Expect a rush to the food banks
The Statistics Canada survey highlights another notable consequence of high inflation in the country: the use of food assistance services.
In this regard, 20% of Canadians believe very probable where most likely to seek help from community organizations that provide meals or meals. This is ten times more than in the first months of the pandemic, Statistics Canada says.
With growing demand since the beginning of 2020, the need to have access to food banks and their attendance continues to rise. 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 the main concern for Canadians, the survey found. An almost 10% increase in the price of foods is related to this; this is the main concern of 43% of respondents in the country.
Transportation, housing and current household expenses follow. However, the Statistics Canada study notes some differences in these data between provinces, as well as between people living in urban and rural areas-for example, in the cost of transportation.
But fuel prices are an almost universal concern for Canadians, nearly 94% of whom are worried about its cost – which flows into other sectors of the economy.
Reduce consumption to curb inflation
The main measure that Canadians intend to tackle very high inflation in the country is to reduce their consumption. Not only do half of them say they are looking for sales or a discounted product, but a similar proportion say they have fallen for products or alternative brands – cheaper.
A quarter of Canadians said they borrowed money or took out more debt to pay for day-to-day expenses, according to the Statistics Canada study.
The poorest households, youth and racialized people are however more likely to borrow money or get stuck in debt, according to data collected in the survey.
To cope with inflation, many Canadians have had to dip their savings, or save less-a quarter of them.
Inflation in Canada reached 6.8% in April. And while three-quarters of Canadians say rising prices are affecting their ability to pay their living expenses each month, low-income people are more concerned about high inflation.
Source: Radio-Canada
