Vancouver Inflation 2022: Cost of Rent, Groceries, Fuel
Canada’s inflation rate accelerated to an all-time high of 4.8% in December of 2021 compared with a year ago. Entering 2022, Canada experienced the steepest inflation rate since September of 1991. Similarly, inflation reflected on the 2022 prices in Vancouver, BC.
The drastic change in the inflation rate is due to the global supply disruptions, as well as production and shipping struggles to meet the demands. According to the CBC News Report, wages aren’t keeping up despite the increase in the inflation rate. Below, we will discuss more about how the steep change affects Vancouver inflation and predicted costs.
Canadian home prices rose 0.8% from November 2021 to January 2022 as supply remained lower than the demand.
8 out of 11 major Canadian markets (Teranet-National Bank Composite House Price Index) increased in price during the same period.
Victoria, British Columbia led the Teranet gains by 2.1%, and Halifax, Nova Scotia by 1.9%. Prices dropped in Winnipeg, Manitoba, Ottawa-Gatineau, and Edmonton, Alberta.
On an annual basis, the housing index increased by 15.5% (Reuters).
Similarly, costs for building supplies as well as construction processes.
Homeowners paid 9.3% more for home and mortgage insurance in December 2021 compared to the previous year.
Canadian Real Estate Association reported that the average home price in Canada is forecast to rise by 0.6% in 2022. (CTV News)
2022 Vancouver Grocery Inflation
StatsCan report a rise in grocery prices by 5.7% year over year. (StatCan)
According to Canada’s Food Price Report of 2021 Forecast vs Observed Change: “Restaurant meals, dairy, vegetables, and bakery products will increase between 5 and 8 percent next year in price.” (Consolidated Credit Canada)
The average family grocery spending for 4 people, will be approx. $1,000 in 2022.
Prices on digital grocery platforms will increase by 2 to 8%.
According to Toronto Star, prices for fresh fruit increased 5.6%; apples by 6.7%, oranges by 6.6%, and bananas by 2.5% year over year. (The Star)