VANCOUVER – New data from the non-profit Angus Reid Institute finds Canadians’ keeping their wallets closed to major purchases as inflation gobbles up more of their budgets on essentials such as groceries and gas.
Fully three-quarters of Canadians say it’s a bad time to make a major purchase such as a home, car, renovation, or big vacation. This represents a significant increase from two years ago, when 56 per cent said the same.
In that same time period, the number of Canadians who disagree and say it’s a good time to spend on big ticket items has halved.
This comes as a significant minority of Canadians say they are in dire financial straits. Approaching three-in-ten (28%) say they are either barely keeping their head above water or worse when it comes to their finances. That figure has climbed 10 points since July 2020.
More than half (53%) of Canadians say they don’t have confidence the Bank is making the right decisions in its fight against inflation. One-third (33%) have more faith.