{"id":30179,"date":"2024-06-27T07:00:00","date_gmt":"2024-06-27T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=30179"},"modified":"2024-07-11T12:50:01","modified_gmt":"2024-07-11T16:50:01","slug":"average-grocery-costs-vs-home-prices","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/","title":{"rendered":"Canada\u2019s Rising Costs: How the Average Cost of Groceries Has Grown Compared to Home Prices"},"content":{"rendered":"\n<p>Financial pressures are increasing for Canadians as housing and grocery costs escalate. Though the inflation rate in Canada has been generally trending down over recent months, it currently stands at 2.9%, which is above the Bank of Canada\u2019s 2% target. Consequently, this has kept housing prices and everyday costs such as groceries high.&nbsp;<\/p>\n\n\n\n<p>Most recently, <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/240625\/dq240625a-eng.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Statistics Canada<\/a> reported that grocery prices rose 1.5% in May from April, while at the same time, average home prices were up by over 1% in Vancouver, Calgary, Kitchener-Waterloo, and London &amp; St. Thomas, according to the Canadian Real Estate Association (CREA).&nbsp;<\/p>\n\n\n\n<p>And that gave us food for thought: are prices rising as rapidly as they appear? And how does the growth in home prices compare to that of groceries? To find out, Zoocasa analyzed monthly average retail prices for selected products and average home prices, comparing their price growth from April 2017 to April 2024 using the most recent data from <a href=\"https:\/\/www.statcan.gc.ca\/en\/topics-start\/food-price?HPA=1\" target=\"_blank\" rel=\"noreferrer noopener\">Statistics Canada<\/a> and the Canadian Real Estate Association.&nbsp;&nbsp;<\/p>\n\n\n<p><iframe title=\"Average Home Prices vs. Retail Costs: Percent Change from 2017 to 2024\" aria-label=\"Column Chart\" id=\"datawrapper-chart-H5cxu\" src=\"https:\/\/datawrapper.dwcdn.net\/H5cxu\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"469\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Home Price Growth Outpaces Most Grocery Price Increases<\/h1>\n\n\n\n<p>From 2017 to 2024, average retail prices for 16 common grocery products increased by an average of 34.5%, while the average home price for 16 major cities in Canada increased by an average of 48.1%.&nbsp;<\/p>\n\n\n\n<p>The average home price in eight cities increased by more than 50% over the last seven years. Most notably, the average home price increased by 84.6% in <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London &amp; St. Thomas<\/a>, by 95.2% in <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax-Dartmouth<\/a>, and by 96.2% in <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a>.&nbsp;<\/p>\n\n\n<p><iframe title=\"Average Home Prices 2017 - 2024\" aria-label=\"Table\" id=\"datawrapper-chart-3O1fo\" src=\"https:\/\/datawrapper.dwcdn.net\/3O1fo\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"630\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n<p><iframe title=\"Average Retail Prices 2017 - 2024\" aria-label=\"Table\" id=\"datawrapper-chart-iXcj8\" src=\"https:\/\/datawrapper.dwcdn.net\/iXcj8\/6\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"624\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<p>Only two retail products we analyzed had an average price increase of more than 50%. A kilogram of onions cost $3.21 in April 2017, and by April 2024, the price rose by 78.2% to $5.72 per kilogram. Similarly, the price of potatoes increased by 59.1% over the same period.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/canadas-property-taxes-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Where to Find Canada\u2019s Most Affordable Property Taxes in 2024<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The price of a dozen eggs has also significantly increased, up by 49.2% from 2017 to 2024, followed by notable increases in the average prices of peanut butter and butter, with both experiencing rises of over 40%. Just like Canadians need to adjust their grocery budget, hopeful homeowners need to rethink their financial planning to one day buy a home in some of the country\u2019s biggest cities. Both&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> and <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a>, saw home prices rise by 25.6% and 23.7%&nbsp; respectively, which makes a significant difference when saving for a downpayment&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cThe escalation in housing prices relative to everyday consumer goods signals a challenging environment for affordability in Canada. As housing prices continue to outpace wage growth and grocery costs, aspiring homeowners and renters, in particular, feel the impact,\u201d says Carrie Lysenko, Zoocasa CEO. \u201cChoosing to invest in areas characterized by stable price appreciation and lower living costs can alleviate financial pressures and position investors for sustained financial growth.\u201d&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Canada Is A Comparably Expensive Place to Live<\/h1>\n\n\n\n<p>As the price of goods increases and household budgets tighten, purchasing power goes down. According to <a href=\"https:\/\/www.numbeo.com\/quality-of-life\/rankings_by_country.jsp?title=2024\" target=\"_blank\" rel=\"noreferrer noopener\">Numbeo\u2019s Quality of Life Index<\/a>, Canada ranks 27th on the purchasing power index, trailing behind countries like France, the United Kingdom, South Korea, South Africa, and Australia.&nbsp;<\/p>\n\n\n\n<p>Rising prices also impact the cost of living, and as such Canada ranks in the top 10 on Numbeo\u2019s Cost of Living Index, with a cost of living ranking higher than Germany, the United Arab Emirates, and Sweden.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/save-with-lower-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s How Much Money Homeowners Will Save Now That Rates Have Dropped: Report<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>It\u2019s not just North America as a whole that\u2019s getting more expensive though, Canada is specifically feeling the impact. A <a href=\"https:\/\/www.zoocasa.com\/blog\/us-vs-canada-affordable-housing-market-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">recent Zoocasa report<\/a> comparing median home prices in North American cities found that housing affordability was generally better in the US than in Canada, largely due to higher median incomes. For instance, in 2021, the median household income in the US was $75,149, while in Canada, the median household income was $54,074.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">It\u2019s Not All Bad News<\/h1>\n\n\n\n<p>While grocery costs are largely high across the country, housing costs vary, attributing to different qualities of life. In Vancouver and Toronto, where the average home costs above $1,000,000, residents face greater financial strain than in other cities. <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/240219\/dq240219b-eng.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Stats Can<\/a> recently reported that residents of Toronto and Vancouver were less likely to report high life satisfaction than residents in other Canadian cities, highlighting rising shelter costs as a factor.&nbsp;<\/p>\n\n\n\n<p>But despite the generally high cost of living in Canada, areas outside of Toronto and Vancouver are far more affordable. According to <a href=\"https:\/\/www.mercer.com\/insights\/total-rewards\/talent-mobility-insights\/cost-of-living\/#:~:text=Top%2010%20most%20and%20least%20expensive%20cities%20in%20the%20world%202024&amp;text=The%20top%2010%20most%20expensive,London%2C%20Nassau%20and%20Los%20Angeles.\" target=\"_blank\" rel=\"noreferrer noopener\">Mercer\u2019s 2024 Cost of Living Survey<\/a>, which analyzes the costliest cities for international workers, Montreal ranked the best for having the combination of the lowest cost of living and the highest quality of living. Montreal's average home price has surged by 72.1% since 2017, yet the city still boasts relative affordability, with homes priced at $627,233 on average\u2014over $80,000 under the national average of $703,446.<\/p>\n\n\n\n<p>Of the four Canadian cities included on Mercer\u2019s list, <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a> ranks the best for affordability. Calgary\u2019s average home price showed a moderate increase of 31.6% from 2017, and similar to Montreal, it is nearly $80,000 under the national average.&nbsp;<\/p>\n\n\n\n<p>Those looking for more savings can turn to <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a>, <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a>, where average home prices have increased by under 10% over the last seven years. Of the three, Regina has the lowest average home price at $335,833, making this an attractive option for budget-conscious homebuyers.&nbsp;<\/p>\n\n\n\n<p>Thinking of a move this summer? From closing costs to property taxes, our real estate agents here to help you on your exciting homebuying journey. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a>!<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Have questions about your local market?<\/div>\n<div class=\"cta-body\">Contact us today to talk to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial pressures are increasing for Canadians as housing and grocery costs escalate. Though the inflation rate in Canada has been generally trending down over recent months, it currently stands at 2.9%, which is above the Bank of Canada\u2019s 2% target. Consequently, this has kept housing prices and everyday costs such as groceries high.&nbsp; Most recently, [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":30190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,76,1111],"tags":[32],"class_list":["post-30179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-buying-a-home","category-canada","tag-toronto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Cost of Groceries Has Grown Compared to Home Prices<\/title>\n<meta name=\"description\" content=\"Financial pressures are increasing for Canadian household budgets. See how the cost of groceries compares to the growth in home prices\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the Cost of Groceries Has Grown Compared to Home Prices\" \/>\n<meta property=\"og:description\" content=\"Financial pressures are increasing for Canadian household budgets. See how the cost of groceries compares to the growth in home prices\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-11T16:50:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/Blog-x-Social-Images-74.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/06\/Blog-x-Social-Images-74.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Canada\u2019s Rising Costs: How the Average Cost of Groceries Has Grown Compared to Home Prices\",\"datePublished\":\"2024-06-27T11:00:00+00:00\",\"dateModified\":\"2024-07-11T16:50:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\"},\"wordCount\":941,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"keywords\":[\"Toronto\"],\"articleSection\":[\"Affordability Reports\",\"Buying a Home\",\"Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/average-grocery-costs-vs-home-prices\/\",\"name\":\"How the Cost of Groceries Has Grown Compared to Home Prices\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-06-27T11:00:00+00:00\",\"dateModified\":\"2024-07-11T16:50:01+00:00\",\"description\":\"Financial pressures are increasing for Canadian household budgets. 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