What do Canadian households spend their budget on?

What do Canadian households spend their budget on?

What do Canadian households spend their budget on?

Shelter and transportation together took almost half of the average Canadian household’s spending last year according to a new analysis from Statistics Canada.

The agency reveals that the average Canadian household spent $63,723 on goods and services, up 2.5% from the previous year. Those in Alberta ($72,957) and BC ($71,001) spent the most.

Shelter accounted for 29.2% of total consumption (average $18,637), a rise of 3.4% year-over-year; followed by transportation (19.9%) and food (13.4%).

Two in every three Canadians owned their own home, more than half with a mortgage. Those with mortgages spent an average $25,904 on their principal residence while renters spent $13,499, and homeowners without a mortgage spent $9,642.

Lower incomes vs top incomes
The 20% of Canadian households with the lowest incomes spent an average $33,764 on goods and services compared to $105,493 for the top 20%.

Those with the lowest incomes also spent a larger-than-average share of their consumption of goods on shelter at 34.8%, while those with the highest incomes spent a below-average 27.4% of their consumption on shelter.

Among the territorial capitals, average spending on goods and services was highest in Iqaluit ($94,396) and Yellowknife ($93,354) and lowest in Whitehorse ($67,701).

 

 


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