More Canadians are living paycheque-to-paycheque

Many Canadians are feeling the pressure of higher expenses as interest rates continue to rise. A survey released by the National Payroll Institute found that the number of individuals living paycheque-to-paycheque increased by 26 per cent compared to a year ago. There’s also an all-time high number of Canadians who are spending more than their paycheque (11 per cent), which is the highest number since the Annual National Payroll Institute Survey of Working Canadians was first started 14 years ago. BNN Bloomberg’s Hilary Punchard broke down the full report.

Most Canadians are changing their grocery store habits

If you’ve been having to take a closer look at your grocery bill these days, well you’re not alone. A report by Dalhousie University’s Agri-Food Analytics Lab found almost three-out-of-four Canadians are making lifestyle changes like using loyalty programs or reading weekly flyers in order to try and cope with higher food costs. Some Canadians are even taking the issue into their own hands, with 15.5 per cent reporting they’ve started growing their own food in the last year, while 4.5 per cent are raising their own livestock at home.

More individuals opting to rent over buying a home

Canadians are leaning more towards renting a house rather than owning, as home prices remain out-of-reach for many individuals. According to a report by Statistics Canada, the number of Canadian renting households rose 21.5 per cent from 2011 to 2021, which was more than twice the pace of home ownership at 8.4 per cent.

Food prices rose at fastest pace since 1981

There doesn’t seem to be any relief on the horizon for climbing grocery bills. Statistics Canada reported food prices rose at their fastest pace in August since 1981, with the cost of grocery items climbing 10.8 per cent compared to a year ago. Condiments, spices and vinegars increased the most in August by 17.2 per cent, followed by bakery products (15.4 per cent) and non-alcoholic beverages (14.1 per cent.)

TIP JAR:

FIVE-OUT-OF-SIX

- That’s how many major Canadian airports fell below the North America satisfaction average. A report by J.D. Power found more than half of individuals (58 per cent) say the North America airport they visited was severely or moderately crowded. The only Canadian terminal that managed to score above average with customer satisfaction was the Vancouver International Airport.