Posted 1/1/2024, 11:13:00 AM
Canadians Brace for Higher Costs in 2024 as Food, Rent, Air Travel Continue Climbing
- Food prices expected to continue rising 2.5-4.5% in 2024, down from 5-7% in 2023
- No drop in prices expected for single-family homes in urban areas, possible softening for other property types
- Renters likely to pay more in 2024, especially in peak spring/summer months
- Costs of some items like vehicles, furniture, appliances may decline due to supply chain improvements
- Flights dropped 19.4% year-over-year in Oct 2022, unclear if air travel price drops will continue