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If you feel like you’re working more but still have to make every dollar stretch, you’re not alone.
Nearly half of all Canadians say the higher cost of living is making it tougher for them to meet day-to-day expenses, with housing costs the main stressor on the bottom line, Statistics Canada reports in a new study.
According to the survey, completed between April and June, 45 per cent of the people surveyed said that rising prices are “greatly affecting” their ability to pay the bills. That compares to only 33 per cent who answered the same way when a similar survey was done two years ago.
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Canada’s central bank began aggressively raising interest rates a little more than two years ago to counter a run-up in inflation, with both of those factors contributing to the rising cost of living for many people.
Other key takeaways from the latest survey:
- Nearly four in 10 Canadians – 38 per cent – say they’re “very concerned” about their ability to afford housing or rent, compared to 30 per cent in 2022.
- 35 per cent of people said their days are “quite a bit or extremely stressful” due to financial worries.
- About 23 per cent of people said they’re likely to obtain food from community organizations within the next six months
Glen Pearson, co-executive director of the London Food Bank, said he isn’t surprised by the figures, saying inflation and the rising cost of living is affecting not only those seeking help but also those who support the food bank.
“We hear from people all the time who are finding it harder to give to the degree that they did before,” he said. “It’s just harder because they don’t have the disposable income that they once did to be able to donate.”
On average, the food bank is now helping close to 6,000 families each month, a significant increase over the past two years, Pearson said.
That number goes even higher as Pearson said the food bank has now been forced to take over community food programs offered by other agencies to help keep them from closing.
“Our numbers are unbelievable compared to two years ago,” Pearson said. “The people who are coming to us are not like they were, say, 10 years ago – people on social assistance or things like that.
“These are now people who are working minimum-wage jobs and they can’t afford the rent. We’re hearing more and more of that all the time.”
Rental housing prices in London have been steadily going up over the past several years.
Though the pace of growth has slowed somewhat in recent months, a two-bedroom unit that cost $1,000 a month 10 years ago now goes on average for $2,200, according to data by price-tracker Rentals.ca, a website used by landlords to advertise their units.
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