Rising inflation eating into young Canadians’ disposable income: ‘It’s insane’
Global News
Inflationary pressures have even pushed some young Canadian professionals out of the country altogether, especially as wages lag behind.
Every time Afua Deborah fills her grocery basket, it’s a shock to the system.
“It’s insane seeing the price of, say, broccoli double, or something really menial, like green onions double or triple,” she said.
Like many Canadians right now, groceries are putting a big strain on 28-year-old Deborah’s pocketbook, especially now that she is no longer living with her parents.
The inflation rate for food, which reached 8.8 per cent in June compared to the same time last year, continues to outpace the broader rate of 8.1 per cent.
Deborah, who lives in Toronto and has been working as a front-end developer for the last two years, said rent is the other major variable eating away at her income and ability to save for big goals like buying a house. That’s after she has scaled back on a lot.
A July report by real estate market research firm Urbanation Inc. found that rents in the Greater Toronto Area are rising fast, with dropping vacancy rates in the second quarter pushing up the average rent to $2,533, a 5.9 per cent increase compared to the first quarter.
Housing costs are rising in other cities too. The average rent for all Canadian properties was $1,885 in June, an increase of 9.5 per cent annually, according to Rentals.ca.
As for easing discretionary spending, Deborah is scaling back on outings to restaurants and bars, and not even bothering with concerts, noting how often they’re getting cancelled.
Budget 2025 has $160 million for wildfire personnel, equipment, training and contracts, but the Alberta Union of Provincial Employees worries funds will focus on gear, not people.
Quebec provincial police, the fire department, paramedics and representatives from the group managing the bridge were called to the scene.
U.S. Commerce Secretary Howard Lutnick said Sunday that tariffs on Canada and Mexico are still coming, but that President Donald Trump would determine the level of the levies.
Two men remain in critical condition following a home explosion Friday in Langley, B.C. One woman is still missing, and RCMP cannot confirm if she was in the home at the time.
After floating the idea of potential tariffs on lumber, President Donald Trump ordered a probe into U.S. imports that must be completed within 270 days.
Despite an explosive exchange in the Oval Office, the Kyiv-Washington relationship is not lost, analysts say, but future U.S. support in the war effort is still undetermined.
St. Mary's Academy says the decision to shutter the program was driven by operational and resource requirements.
A recent survey from CIBC said that two-thirds of Canadians say recent economic changes, including inflation and the cost of living, have made them adjust retirement plans.
A Halifax man died after he was taken into custody Friday night for what police described as a mental health episode. The provincial police watchdog is investigating.
A B.C. entrepreneur experienced a once-in-a-lifetime wildlife encounter this week when a pod of dolphins chased him down while he was shooting a video on his personal watercraft.
A new idea has emerged in G7 capitals in recent years — using the cash in frozen Russian accounts, or interest earned on those accounts, to help fund Ukraine's defence.
As Ontario is still working to clean up after the back-to-back winter storms, cities like Waterloo and Toronto face challenges with snow storage facility infrastructure.
Transport Minister Anita Anand says she plans to run for re-election amid President Donald Trump's tariff threats, a shift from her original plans earlier this year.