If you're feeling like the cost of living is hurting you more than ever before, you're not alone, according to new research from Abacus Data.
A whopping 67 per cent of Canadians think the cost of living where they live is the worst it's ever been, while another 21 per cent think it's bad but remember worse times. Only 11 percent do not believe the current cost of living is bad.
“This is not a minor issue or background concern,” said David Coletto, chief executive of Abacus Data.
“It is a dominant life experience that continues to shape how Canadians interpret government performance, leadership and competing political priorities, along with concerns about Donald Trump, trade and global instability.”
Despite concerns, the cost of living appears to be stabilizing. Inflation remained steady at 2.2 per cent in November, Statistics Canada reported Monday, bringing the annual average slightly above the Bank of Canada's target of two per cent.
Meanwhile, home prices are declining in many parts of Canada, with prices falling two per cent in November, according to the Canadian Real Estate Association.
However, the cost of living was among the top three policy concerns for 62 percent of Canadians and was a top issue in all regions of the country.
However, the definition of accessibility varies depending on who you are. Housing is the main pressure on the cost of living for about 60 per cent of young Canadians, compared with less than 40 per cent of people aged 60 and older.
Affordability for 93 per cent of older Canadians largely comes down to food prices.
“Messaging that treats the cost of living as a single issue risks missing the specific pressure points that different audiences feel most acutely,” Coletto said.
Canadians have a right to be concerned about food prices. Prices for food purchased at stores rose 4.7% in November from a year earlier, the fastest pace in two years and more than double the overall rate of inflation.
The biggest drivers of food prices this month were beef (up 17.7 percent) and coffee (up 27.8 percent).
Overall, the data shows the average family of four can expect to pay about $1,000 more for food in 2026 than this year.
to the 2026 Canadian Food Price Report.
People may be more concerned about affordability in the coming months as vacation bills arrive, and Coletto recommends government officials show some empathy when people feel disadvantaged.
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Canada is seeking help from China to curb cross-border fentanyl traffic, a common concern of US President Donald Trump.
Trump has used fentanyl to defend tariffs on Canada and Mexico, although this is being challenged in the US Supreme Court.
Only some of the fentanyl entering the US passes through Canada, but Prime Minister Mark Carney said Kevin Brosseau, the government's fentanyl czar, to slow it down even further.
Prime Minister Mark Carney plans to visit Chinese President Xi Jinping in 2026.
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Bankruptcy is often a last resort, and while it can offer a financial restart, for some it is simply not a practical option. Many debts can survive bankruptcy, such as mortgage debt, student loans, and court-ordered fines. Bankruptcy can also lead to problems in your professional life. Anyone considering bankruptcy should seek professional advice to find out what options may be available.
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Today's Posthaste was written by Ben Cousinswith additional reporting by Financial Post, Canadian Press and Bloomberg staff.
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