Canadian personal finance statistics for 2025

A snapshot of Canadians' sentiment towards money, including financial debt stress

Leanne Escobal's headshot

By

Leanne Escobal

Edited by

Angus Kidman

Updated

Fact checked

From trade wars to volatile markets to job uncertainties to food prices, Canadians undoubtedly have a lot on their minds these days, and many of these issues tie back to what’s in–or what isn’t in–their bank accounts.

If you’re feeling uneasy with your finances, you’re not alone. In this article, we take a closer look at Canadian attitudes towards money, including top financial issues, most stressful bills and expenses, and overall confidence levels in their financial future.

Canadian personal finance highlights: Statistics

  • Thirty percent of Canadians reported being in a stronger financial position than 12 months prior, a slight decrease from 33% the previous year. Conversely, 30% felt their financial position had weakened, up from 27% the previous year. ​
  • The primary financial concern for Canadians was affording everyday expenses (43%), followed by growing investments (35%) and increasing income (31%). ​
  • Groceries were the most stressful expense for Canadians (51%), with rent (27%) and utility bills (26%) also causing significant stress. ​
  • From 2020 to 2025, inflation in Canada rose by 17.91%. A basket of goods that cost $100 in 2020 would now cost $117.91. ​
  • When faced with a $1,000 emergency expense, 53% of Canadians could cover it without needing a loan or advance. Among those who would need credit, 15% would use a credit card, 10% would borrow from a relative or friend and 8% would use a line of credit. ​
  • Fifty-four percent of Canadians planned to take out some form of credit in the next three months. The most popular choices were credit cards (12%) and lines of credit (11%), while business loans (3%), debt consolidation loans (3%) and payday loans (4%) were the least popular. ​
  • Confidence levels varied, with 30% of Canadians feeling very (20%) or extremely (10%) confident about their financial future. Another 30% felt only slightly (20%) or not at all (10%) confident, while 40% reported moderate confidence.

Are Canadians in a stronger financial position now than 12 months ago?

In the Finder: Consumer Sentiment Survey January 2025, 30% of Canadians said they were in a stronger financial position than 12 months ago. This was a slight decrease from last year, where 33% of Canadians said the same.

In contrast, 30% of Canadians said they were not in a stronger financial position, up from 27% the previous year. This suggests that Canadians’ confidence in their finances partially eroded in 2024.

In a January 2025 financial well-being survey by the Financial Consumer Agency of Canada (FCAC), 56% of Canadians reported an increase in stress in the last 12 months.

Which financial issues do Canadians think about the most?

Since the peak of COVID, inflation has been a recurring topic at the table for many Canadians, and even today, it’s still the most pressing issue. Affording everyday expenses was the top answer (43%) when we asked Canadians which financial issues occupied their minds the most, followed by growing their investments (35%) and increasing their income (31%).

The least preferred answers were expanding the family (2%) and finding a financially compatible partner (2%).

Which bills or expenses are causing Canadians the most financial stress?

Unsurprisingly, groceries topped the list (51%) for Canadians when asked which bills or expenses were causing them the most financial stress, followed by rent (27%) and utility bills (26%).

Canadians are also experiencing financial debt stress, placing mortgage payments and non-mortgage payments in fourth (21%) and fifth (16%), respectively.

Entertainment costs (e.g., eating out, social events, sports) were the least stressful, ranking last on the list (7%). According to the RBC Consumer Spending Tracker, Canadians made fewer dinner reservations in December 2024 (-0.4%) and January 2025 (-1.2%), based on seasonally adjusted data.

Inflation in Canada

Green shopping basketAffording everyday expenses, grocery shopping stress, rent anxieties–these can be linked to inflation in Canada, which rose by 17.91% from 2020 to 2025, according to the central bank. A basket of goods that would have cost $100 in 2020 would cost $117.91 today.

Below is a snapshot of average prices in Toronto in 2020 vs 2025, according to Numbeo’s database on cost of living.

Cost of living in Toronto in 2020 vs 2025

Item20202025Increase or decrease
Onions (1kg)
$2.58
$4.27
Picture not described 65.50%
Dozen eggs (regular)
$3.44
$4.91
Picture not described 42.73%
McMeal
$11.44
$15.00
Picture not described 31.12%
Loaf of fresh white bread (500g)
$2.85
$3.81
Picture not described 33.68%
Milk (regular, 1 litre)
$3.13
$3.98
Picture not described 27.16%
Domestic beer (0.5-litre bottle)
$3.34
$8.00
Picture not described 139.52%
Chicken fillets (1kg)
$13.55
$17.44
Picture not described 28.71%
Basic utilities (monthly)
$154.72
$142.42
red down arrow 7.95%
1-bedroom apartment in city centre (monthly rent)
$2,179.52
$2,525.66
Picture not described 15.88%
1-bedroom apartment outside city centre (monthly rent)
$1,780.53
$2,114.48
Picture not described 18.76%
3-bedroom apartment in city centre (monthly rent)
$3,520.65
$4,084.26
Picture not described 16.01%
3-bedroom apartment outside city centre (monthly rent)
$2,710.11
$3,342.36
Picture not described 23.33%

Real estate in Canada

House iconFor the past 20 years or so, many Canadians have shared an ambition in buying, owning and investing in property, and many stories have been shared of nerve-wracking bidding wars and significant market value gains. Since around February 2022, however, real estate prices have softened in some key markets.

Below is a snapshot of benchmark prices of a single family home in major cities in February 2022 vs January 2025, based on the MLS® Home Price Index’s seasonally adjusted data.

Real estate benchmark prices in Canada: February 2022 vs January 2025

MarketFebruary 2022January 2025Increase or decrease
Greater Toronto
$1,549,900
$1,316,500
red down arrow 15.06%
Greater Vancouver
$2,067,800
$2,054,400
red down arrow 0.65%
Montreal
$621,900
$651,500
Picture not described 4.76%
Calgary
$569,600
$695,100
Picture not described 22.03%
Winnipeg
$379,600
$390,500
Picture not described 2.87%
Halifax-Dartmouth
$558,700
$568,100
Picture not described 1.68%
Ottawa
$795,400
$730,500
red down arrow 8.16%
Hamilton-Burlington
$1,128,600
$905,500
red down arrow 19.78%
Victoria
$1,246,900
$1,168,800
red down arrow 6.26%

Where are Canadians planning to invest in the next 2 years?

The appetite for real estate investing seems to have weakened alongside prices. Real estate only placed eighth as the preferred investment option (11%) among Canadians for the next two years, even trailing behind cryptocurrency (19%) and having no investment plans (18%).

The top five investment choices for Canadians were stocks (33%), high interest savings accounts (28%), GICs (27%), mutual funds (27%) and ETFs (20%).

Are Canadians on track to pay off their mortgage?

More than half of Canadians (53%) do not have a mortgage, while 4 in 10 (39%) are meeting their mortgage commitments, saying they’re on track to pay off their mortgage on time or early. Less than 1 in 10 of Canadians (8%) say they’re not on track to pay off their mortgage.

This appears to be an improvement from the FCAC’s July 2023 homeowner well-being survey, where two-thirds of mortgage holders reported having trouble meeting their financial commitments.

These results are unsurprising, given that the Bank of Canada carried out a series of rate hikes in 2022 and the first half of 2023 and withheld rate cuts until mid-2024. Back in January 2022, the target overnight rate was 0.25%, and by July 2023, the rate had shot up to 5.00%—an increase of 475 basis points within a year and a half. Starting in June 2024, the central bank progressively lowered the rate, reaching 2.75% by March 2025.

Are Canadians on track to pay off their car loan?

A majority of Canadians (68%) currently do not have a car loan, while 27% are on track to pay off their car loan on time or early, and 5% are not on track to pay off their car loan.

How would Canadians pay for a $1,000 emergency expense?

Financial literacy experts frequently stress the importance of having an emergency fund. Building the emergency fund was the fifth most common financial concern among Canadians in Finder’s January 2025 survey.

When faced with a $1,000 emergency expense, more than half of Canadians (53%) said they did not need to get a loan or advance. Those who said they would need to take out some form of credit ranked credit card as their top choice (15%), followed by a relative or friend (10%) and then a line of credit (8%).

Personal loan (8%), payday loan (3%), wage advance (3%) and HELOC (1%) ranked at the bottom.

Which loan products will Canadians use in the next 3 months?

More than half of Canadians (54%) planned to take out some form of credit in the next three months. Borrowing from a credit card (12%) or line of credit (11%) were the top loan choices, followed by car loans (6%).

Business loans (3%), debt consolidation loans (3%) and payday loans (4%) were the least popular credit options.

How confident are Canadians in their financial future?

Canadians’ confidence in their overall financial future varied widely. Three in 10 Canadians were very confident (20%) or extremely confident (10%), while another 3 in 10 were only slightly confident (20%) or not confident at all (10%). Four in 10 Canadians were lukewarm about their finances, reporting moderate confidence in their overall financial future.

Angus Kidman's headshot
To make sure you get accurate and helpful information, this guide has been edited by Angus Kidman as part of our fact-checking process.
Leanne Escobal's headshot
Written by

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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