A large majority of Quebecers returned to work after the holiday; a return to reality that will hurt the wallet for some.
After two years of the pandemic, many have felt the urge to travel at all costs. According to data from Statistics Canada, Canadian household spending is still at the same high level despite inflation fears.
“It’s definitely going to be very difficult because people haven’t been going out for two years. Today they don’t look at their expenses, but reality will hit them,” said 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 “concerned” about the level of debt, while 60% don’t think they’re saving themselves from debt can age 65.
“Questions need to be asked about property prices and the debt that comes with them. You don’t want to transfer your debts to your children, you want to transfer a paying house to your children. Perhaps retirement with a paying home will be the new reality,” said David-Alexandre Brassard, chief economist at CPA Canada.
The encouraging signs can be felt. In the United States, inflation peaked at 8.5% in July, a situation that may be similar in Canada. Experts expect an economic slowdown, but the decline will be costly for many Quebecers.