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What is cost of living like in Canada?
(lemmy.ca)
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this post was submitted on 07 Jul 2023
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Inflation hit record highs during the covid pandemic, but its been falling to normal levels again. Inflation numbers are still skewed a bit thanks to food and real estate prices remaining high.
Personally, I haven't been affected much by inflation. I'd guess that's mostly because I already bought a house and I eat cheap food. The average Canadian is fine, but young Canadians getting started in life are in a rough spot since they struggle to build up savings.
Here's a graph by Statistics Canada
The young kids struggling to get started was a problem well before COVID and the inflation. It's a problem that's fallout from the elimination of the middle class, and stagnant salary growth compared to an ever rising PPP index. Canada started protecting their (small, super concentrated) elite and the elite's related corporations, at the cost of the wellbeing of their citizens >1970s. We are seeing a well-established generational difference as a result, that's now been magnified by the Millenial/Gen Z groups, as they've also has to contend with the fallout from huge macroeconomic events like the Great Recession, COVID and post-Covid inflation. Not to mention having to contend with the formation and growth of one of the greatest asset bubbles in modern economic history.