Canadians will eat less and walk more in 2023
Wages and prices, inflation and the bank rate are among the most discussed topics among Canadians. Forecasts on pricing policies for major spending categories.
Tough economic conditions around the world are forcing the Canadian government to act accordingly. And even though many provinces are promising hourly wage increases, living costs will not be small. Canadians are worried because they have families to feed, cars to fill and houses to pay for.
Analysts predict that gas prices will rise in 2023. During the holidays, the cost went down slightly, but it will rise even higher than the previous year. It is possible that very soon the price per litre of gasoline will be $2 CAD or higher. And that will be the average price across all provinces. Gas, oil, diesel and gasoline will start getting more expensive after the second week of January.
But it is predicted that by April the decline will begin. We have to consider that the federal carbon tax will increase significantly.
Groceries are one of the main items of monthly expenses. According to research, the annual check will increase by about $1,000 CAD next year. That is an increase of at least 7% in groceries in stores.
This year, shipments of wheat, sunflower oil, and fertilizer declined. Yields on Canadian land have fallen.
But real estate prices will fall.
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In Ontario and British Columbia, home values have already fallen slightly since the summer of 2022. Nationally, experts are predicting a price decrease of about 23% through December 2023 compared to the first quarter.
