Did you Know 1 in 3 Canadians live in households with financial difficulties?

Laddie James isn't just a Saskatoon and area eXp REALTOR®; he's your dedicated real estate partner, committed to helping you find the perfect home. In his latest article, he highlights recent Statistics Canada data on Canadian households' financial pressures.

A new Statistics Canada report reveals that one in three Canadians lives in households facing financial hardship. This includes difficulty paying for essential expenses like housing, transportation, food, and clothing. Renters (41.3%) are especially vulnerable, but financial stress eases somewhat for homeowners, particularly those without mortgages.

While the proportion of Canadians struggling financially in October 2023 (35.5%) dropped slightly compared to the previous year, it remains much higher than in October 2020 (20.4%). 
Despite growth in the Consumer Price Index slowing to 3.8% in September 2023, the cost of essential goods, particularly food and shelter, continues to outpace wage growth. Immigrants who have arrived in Canada within the past ten years, lone-parent households, and racialized groups like South Asian and Black Canadians are especially hard hit by financial challenges.

An October Ipsos poll reveals that 71% of Canadians feel owning a home has become a privilege only the wealthy can afford, with many citing a housing crisis in their communities. The strain is also evident in the rising use of food banks, which have seen an 80% increase in demand since March 2021.
Whether you are a first-time homebuyer or a seasoned investor, you can rely on Laddie James for trusted real estate guidance. Reach out to Laddie today to discuss your real estate needs! He is ' A Cut Above The Rest.'

Laddie James Is a Trusted Saskatoon Realtor