A large majority of Quebecers returned to work following the holidays; a return to reality that hurts the wallet for some.
After two years of the pandemic, many have felt the urge to travel, no matter the cost. According to data collected by Statistics Canada, Canadian household spending is still just as high, despite inflation fears.
“It will surely be very difficult, because people have been two years without going out. Today, they do not look at their expenses, but reality will hit,” mentioned a woman from TVA Nouvelles.
Another poll, this time conducted by the Chartered Professional Accountants of Canada (CPA), found that 68% of Canadians say they are “worried” regarding the level of debt, while 60% do not think they can save themselves from debt. before the age of 65.
“There are questions to be asked regarding house prices and the debt that comes with it. You don’t want to transfer your debt to your children, you want to transfer a paid-for house to your children. Perhaps retiring with a paid-for house will be the new reality,” said David-Alexandre Brassard, chief economist at CPA Canada.
The encouraging signs are being felt. In the United States, inflation topped out at 8.5% for the month of July, a situation that might be similar in Canada. Experts expect an economic slowdown, but the fall will be costly for many Quebecers.