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Are you currently living in Canada?

Inflation in Canada and What it Means for Newcomers

Written By

Steve Tustin

Oct 28, 2024

Building Credit

Spending

A person pumps gas into a car. Inflation in Canada fell in September, due to a drop in gas prices.
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by  | Oct 10, 2024

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For newcomers and international students arriving in Canada, the current rate of inflation affects how much you pay for housing, groceries, transportation, and other expenses. Staying informed about inflation changes can help you budget and manage your finances. Stay up-to-date with recent changes so you can manage the cost of living in Canada.

The most recent Statistics Canada data (June 2024) shows the annual inflation rate fell from 2.9 percent in May to 2.7 percent in June. This rate drop is welcome news for immigrants who have recently arrived or will soon arrive.

Lower gasoline prices were the driving force behind the rate drop.

[/et_pb_text][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/Inflation-in-Canada-July-2024-Image-2.png” title_text=”Inflation in Canada July 2024 Image 2″ force_fullwidth=”on” _builder_version=”4.27.0″ _module_preset=”default” max_height=”442px” custom_margin=”50px||||false|false” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_heading title=”What is contributing to the current rate of inflation?” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

Durable goods (cars, home appliances, consumer electronics, furniture, sports gear, toys, etc.) fell by 1.8 percent, which also helped lower the rate.

More good news for newcomers is that cell phone services were down 12.8 percent in June compared with 19.4 percent in May. Canada has some of the highest mobile phone rates in the world.

Clothing and footwear prices also edged lower in June. Service prices rose 4.8 percent annually in June, compared with a 4.6 increase in May.

[/et_pb_text][et_pb_heading title=”Some costs and services that led to the June inflation drop:” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]
COST OR SERVICE
CHANGE
Durable Goods (furniture, appliances)
Down 1.8% year over year
Used vehicles
Down -4.5% amid improved inventory levels compared with a year ago
Travel tours
Down 11.1 compared to a year ago
Recreation/Leisure
Down 0.5% in June after a 0.4% gain in May
Cell phone services
Down 12.8% in June compared to May 2024
Gas prices
Rose just 0.4% in June compared to 5.6% in May
Price for fresh fruit
Down -5.2% in June compared with May (-2.8%)

Newcomers can monitor inflation in Canada to help budget for costs.

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“Shelter inflation,” or the costs involved in homebuying and renting, was still more than double the primary rate of inflation in June. Shelter prices in Canada increased by 6.2 percent over the last year and continue to be the primary cause of higher inflation.

While rent growth has slowed in recent months in Canada’s largest cities, Toronto and Vancouver, some popular rental markets, such as Alberta, continue to have rental price growth. Rent prices in Canada rose 9 percent in June compared to June 2023.

So, will the drop be enough to convince the Bank of Canada (BOC) to cut its key overnight lending rate gain?

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The BOC lowered interest rates from 5 percent to 4.75 percent in June 2024. That cut was the first in four years, and the first time the rate fell below five percent since July 2023.

The Bank will meet on July 24 to discuss whether current economic conditions warrant further cuts.

Derek Holt, Vice President and Head of Capital Markets Economics for Scotiabank believes that “the BOC is still likely to cut” in July, which would be good news for immigrants.

    [/et_pb_text][et_pb_heading title=”Canada’s inflation rate target remains 2%” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

    The BOC has set a target of two percent inflation. Inflation hit a high of 8.1 percent in June 2022, just as the Canadian economy was recovering from the pandemic. The BOC hiked interest rates 10 times between March 2022 and the summer of 2023 to control inflation.

    The BOC believes that making it more expensive for Canadians to borrow money forces consumers and businesses to spend less, thus lowering prices and slowing the economy.

    [/et_pb_text][et_pb_video src=”https://youtu.be/0EJsS8lGSbo” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_video][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]

    The most recent employment report for June revealed that the Canadian economy lost 1,400 jobs. The unemployment rate increased to 6.4 percent, meaning 1.4 million people were unemployed in June, an increase of 42,000 from May.

    According to the latest report from the IRCC, monthly immigration to Canada rose by 22 percent in April. It increased again by 9.3 percent in May, with 46,550 newcomers that month,

    That puts the total number of new permanent residents arriving in the first five months of 2024 at 210,865.

    The details of the report are consistent with the backdrop of consumers becoming increasingly cautious with discretionary spending.

    Benjamin Reitzes, BMO economist

    Inflation is a major concern for immigrants and international students who have arrived in Canada or are arriving soon. The cost of living in Canada affects many basic items and services essential to newcomers’ daily lives.

    A June 2024 Abacus Data poll showed that the cost of living is the number one issue for Canadians.

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    [/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Features” _builder_version=”4.25.1″ _module_preset=”default” background_color=”gcid-9fa4a1b6-767d-41ca-984c-a6f10449c843″ da_disable_devices=”off|off|off” collapsed=”on” global_colors_info=”{%22gcid-9fa4a1b6-767d-41ca-984c-a6f10449c843%22:%91%22background_color%22%93}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_heading title=”Arrive in Canada Financially Prepared” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|800|||||||” title_text_color=”#b8322f” title_font_size=”64px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”_initial” text_font=”Heebo|700|||||||” text_text_color=”#000000″ text_font_size=”16px” text_line_height=”1.8em” text_font_size_tablet=”15px” text_font_size_phone=”14px” text_font_size_last_edited=”on|desktop” global_colors_info=”{}” theme_builder_area=”post_content”]

    Building a strong financial foundation is vital to your success. Join this webinar to start your banking journey in Canada on the right foot!

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    • Inflation affects immigrants and international students who buy essential items such as food, cell phone services, and rent housing.
    • Inflation in Canada fell from 2.9 percent in May to 2.7 percent in June.
    • Lower prices for gas and durable goods fuelled the drop in inflation while rent and mortgage interest costs continue to drive inflation in Canada.
    • The June decrease in inflation may lead the BOC cut interest rates further.
    • Inflation is the number one concern of Canadians.
    [/et_pb_text][et_pb_code _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|desktop” custom_css_main_element_tablet=”display: none;” custom_css_main_element_phone=”display: none;” theme_builder_area=”post_content”]
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    [/et_pb_code][et_pb_heading title=”Action plan for newcomers” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_heading _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]
    • Continue to monitor the current inflation rate in Canada and the affects on rent prices.
    • Be a smart shopper and research the best prices at Canadian companies and stores.
    • Consider major purchases carefully.

    SOURCES:

    Scotiabank Economic Publications, Statistics Canada, IRCC

    Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

    © Prepare for  2024

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      [/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f4f4f4″ width=”100%” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”Related articles” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#767676″ text_font_size=”18px” global_colors_info=”{}” theme_builder_area=”post_content”]

      Read more about your financial first steps in Canada.

       

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row module_class=”swiper mySwiper” _builder_version=”4.27.0″ _module_preset=”default” width=”90%” max_width=”1440px” module_alignment=”center” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ module_class=”swiper-wrapper” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_blurb title=” Building Credit History in Canada as a Newcomer” image=”https://www.prepareforcanada.com/wp-content/uploads/Why-Credit-History-is-Important-When-You-Rent-a-Home-1.jpg” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/building-credit-history-in-canada-as-a-newcomer” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

      A lesson many newcomers learn when they arrive in Canada is that you need credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada. 

      [/et_pb_blurb][et_pb_blurb title=”Open a Bank Account Before Arriving in Canada” image=”https://www.prepareforcanada.com/wp-content/uploads/Smiling-woman-with-a-blue-ceramic-piggy-money-with-funds-for-her-bank-account-1.png” alt=”Smiling woman with a ceramic piggy bank with funds for her Canadian bank account” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/open-a-bank-account-before-arriving-in-canada” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

      Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada. 

      [/et_pb_blurb][et_pb_blurb title=”Inflation in Canada and What it Means for Newcomers” image=”https://www.prepareforcanada.com/wp-content/uploads/Inflation-1.png” alt=”A for rent price sign hangs in front of a rental property. Rental prices are affecting inflation in Canada.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/inflation-in-canada-and-what-it-means-for-newcomers” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

      For newcomers and international students arriving in record numbers, it’s helpful to understand how the currect inflation rate in Canada can affect how much you pay for housing, groceries, transportation, and other expenses.

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      Protecting yourself and your family against unexpected danger and risk is what insurance in Canada is all about for newcomers to Canada and international students.

      [/et_pb_blurb][et_pb_blurb title=”Do Newcomers Need to File an Income Tax Return?” image=”https://www.prepareforcanada.com/wp-content/uploads/Do-Newcomers-Need-to-File-Income-Tax.png” alt=”Father completing income taxes online with wife and young children in the background.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/do-newcomers-need-to-file-an-income-tax-return” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]

      If you became a permanent resident and lived in Canada, even for a short period, filing your first income tax return with the Canada Revenue Agency (CRA) can provide financial benefits.

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      WRITTEN BY

      Steve Tustin

      Senior Editor, Prepare for Canada

      Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

      © Prepare for Canada 2025

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