A new survey reveals Canadians’ negative outlook on both their personal finances and the economic status of the country in 2024. Although Canada has not officially experienced a recession, 82 percent of Canadians believe that the country is currently in a recession and have low expectations for improvement in the coming year.
Pollara Strategic Insights’ annual economic outlook report indicates that over half of those surveyed anticipate a decline in Canada’s economy in 2024, while a small minority expect an improvement. The survey attributed this economic pessimism to the housing market and high interest rates.
46 percent of Canadians anticipate facing financial difficulties in the upcoming year, while only 8 percent predict improvement in their financial situations. 19 percent expressed concern about potential job loss in the next 12 months, compared to 35 percent in 2021. Additionally, the rising cost of groceries remains a worrying factor for 46 percent of those surveyed.
In various parts of Canada, worries related to the cost of buying groceries were prevalent. In Saskatchewan and Manitoba, 46 percent of respondents identified grocery prices as a major concern. The Statistics Canada data released on January 3 confirmed the high prices of food items at supermarkets across the country, with minimal price declines for only 47 out of 110 tracked items.
The prediction of higher grocery prices in 2024 was further confirmed in a report by Agri-Food Analytics Lab at Dalhousie University. The lab’s 2024 Food Price Report projected that the cost of groceries would increase by an average of $701.79 per family of four this year.
Additionally, housing costs remain a top concern for many Canadians, with statistics showing that renters and mortgage holders are particularly worried. A significant percentage of Canadians are expected to face increased financial strain as they renew their mortgages at higher interest rates this year.
The survey, conducted by Pollara Strategic Insights, was aimed at 1,503 adults across Canada between December 6 and December 11. According to Pollara, a sample of this size carries a margin of error of plus or minus 2.6 percent, 19 times out of 20.