The cost of living is hurting many British Columbians these days. However, those looking for a reprieve in 2024 might be disappointed.
Prices on just about everything from food, housing, fuel and transportation are predicted to rise yet again in 2024, according to the Canadian Taxpayers Federation’s annual New Year’s Tax Changes report.
“It almost feels these days like everything going up except your paycheque,” said CTF federal director Franco Terrazzano. “Canadians are struggling and what is so awful is that it almost feels like governments are going out of the way to make life more expensive.”
According to Canada’s Food Price Report, total food prices are expected to increase by 2.5 to 4.5 per cent in 2024. This means the typical Canadian family of four can expect an increase of about $700 in their annual food bill.
Foods that will increase in price the most include baked goods, meat and vegetables, while food prices expected to see the smallest increases include dairy and fruit.
Home prices in Vancouver are expected to go up three per cent by end of 2024. Renters could also see prices rise after the B.C. government announced in the fall it would cap the allowable rent increase at 3.5 per cent for this year.
The speculation and vacancy tax is being expanded to 13 more communities in B.C. The rate is currently 0.5 per cent for Canadian citizens and permanent residents, and two per cent for people who pay the majority of the taxes outside Canada.
Come January 2025, homeowners may need to pay the tax based on how they used their property in 2024.
The first provincial carbon tax will go from 14 cents to 17 cents a litre of gas on April 1. That’s on top of the second provincial carbon tax which costs drivers about 17 cents a litre. The increases mean drivers in B.C. will be paying 34 cents per litre in provincial carbon taxes.
The CTF is putting much of the blame for all rising costs on the federal government’s carbon tax, and is calling on Ottawa to scrap the program entirely.
Fortis BC electricity rates are going up by 6.74 per cent, costing the average customer about an extra $11.26 a month.
B.C. Hydro has also applied to the BC Utilities Commission for a 2.3 per cent rate hike that would take effect on April 1, if approved.
And, starting April 1, BC Ferries’ fare prices are going up by an average of 3.2 per cent each year for the next four years.
