The Bank of Canada has cut interest rates, and everyone is happy but they are happy for two days and they are beginning to recognize the reality again
Money, those who have money still dare not spend it, prices are still against the sky, the unemployment rate is rising, and 1.34 million people are looking for jobs to find baldness.
According to the latest poll results, more and more Canadians feel that they are being cornered, and further interest rate cuts are "imminent"!
Fifty-five per cent of Canadians say they are concerned about their day-to-day finances, a proportion that has continued to rise since the start of 2021. Twenty-eight percent said it was worse in May.
Not only that, but the number of Canadians who feel that they are struggling to make ends meet and have no hope of making ends meet is already breaking records.
Everyone even felt that life was not as good as during the epidemic at that time, when everyone's living expenses were reduced, they couldn't go out, they even saved money for gas, and although they were trapped at home, at least their wallets were not deflated.
However, the cost of living has risen over the past six months, and many people have fallen into huge debt.
John Wright, executive vice president of Maru Public Opinion, a polling agency, said, "People haven't gotten rid of this problem (inflation). ”
On 5 June, the central bank cut its benchmark lending rate by 25bps from a high of 5% to 4.75%, but this was not enough.
"Everyone thinks that this base point will not have a big impact on people's lives."
66% still believe that Canada's economy is not moving in the right direction, and that "nothing has changed at the national level and people continue to struggle." ”
The latest report from the Food Bank of Canada also shows that the number of Canadians living in poverty may be more than expected, estimated at 25%!
The United Nations and Europe have a system of indicators for defining and evaluating poverty, the Multidimensional Poverty Index (MDI), which uses 10 indicators to measure poverty, and the Food Bank of Canada uses this set of criteria to investigate the daily necessities that people in their countries cannot afford at present.
It was found that 10% of Canadians can't afford clothes, 18% can't afford to pay for dental care, and overall, about 25% of Canadians may be living in poverty! Can't afford 2 or more necessities.
Of course, this is not official data, the latest data given by Statistics Canada is that by 2022, the national poverty rate has increased for two consecutive years, and 9.9% of the population, or 3.8 million people, live below the poverty line, which is significantly closer to the peak of 10.3% in 2019.
In 2022, Canada's annual inflation rate was 6.8%, and people's incomes decreased from the previous year.
Let's not talk about where the poverty rate is now, it is certain that everyone's income has not increased much, looking at the soaring prices, housing prices, and taxes, even people with an annual income of 100,000 do not dare to say that they are middle class, and those with an annual income of less than 60,000 yuan belong to the "poor population".
In the past, there were Chinese families who had no mortgage or car loan complained that they spent 70,000 yuan a year and lived like a beggar, and Katty, a 30-year-old immigrant girl, said that she had an annual income of 80,000 yuan, but she still couldn't afford to buy a house without getting married, and her life was hopeless!
Katie, who now lives in Ontario, is a senior project coordinator for a construction company, earns about 77,000 yuan a year, spends $1,281 a month to rent a 500-square-foot one-bedroom apartment, has had five cockroach plagues in two years, and the landlord has to raise the rent.
She wants to move, but has to save up for a house, and now that house prices are rising faster than she can save for a down payment, Katie is desperate.
"The more money you have to save, the longer it will take because house prices are going up. The 250,000 or 300,000 houses don't exist anymore. ”
Katie believes that now that the cost of housing is out of control, the younger generation is disappointed in the government, and they are considering going to other countries if they can, and those who can't are still struggling.
"I went to school and worked with the hope that I would have a better life, but the current situation is that if I don't get married (find a partner to share with), I will never end paying rent, and there is no hope at all."
Indeed, earning a salary that can barely support themselves, living in a house that can cost half a month's food, and having to pay various taxes, more people have already wanted to open up, where to live and where to go, and more and more young people are no longer entangled in big cities.
A Canadian moving company has found that more and more people have moved to Alberta from BC in recent years, and it has more than doubled the previous one!
The data shows that from 2019 to 2020, "B.C. residents moved to Alberta at half the rate of the opposite," and this trend continued into the fourth quarter of 2021.
At that time, the number of migrants between the two provinces was balanced.
However, between 2022 and 2024, this trend has reversed significantly.
In 2022, the percentage of customers moving to Alberta from BC reached 1.57:1, increased to 1.79:1 in 2023, and 1.81:1 so far in 2024.
Movers also said that demand for inter-provincial moving services remains strong despite the volatility of the housing market.
Compared with Vancouver, the most unaffordable city in BC (Bring Cash), Calgary is becoming a "replacement" for more people, and you can also find a detached house of 500,000, a 5% GST, and a lunch that can be eaten for $10