Canadians continue to benefit from lower gasoline prices, but housing prices continue to rise. (chrismetcalfTV/Flickr photo)

Canadians continue to benefit from lower gasoline prices, but housing prices continue to rise. (chrismetcalfTV/Flickr photo)

Canadians close dreary 2020 with big ticket spending splurge

Gasoline prices down, housing prices up, according to Statistics Canada

Low gas prices continue to benefit Canadians, who appear to be splurging on big-ticket items to deal with the COVID-19 pandemic, according to new inflation figures from Statistics Canada.

Excluding gasoline, the Consumer Price Indexrose 1.3 per cent in November, up from an increase of one per cent in October. Year over year, the CPI rose at a faster pace in November (up one per cent) than in October (up 0.7 per cent) with shelter prices (up 1.9 per cent) contributing the most to the increase.

Gasoline prices fell 11.9 per cent year over year in November, with domestic and international demand remaining low as tighter public health restrictions due to the second wave of COVID-19 continue to depress demand for gasoline.

While consumer confidence remains below pre-pandemic levels, higher consumer spending on household durable goods led to higher prices for furniture (up 2.8 per cent) and household appliances (up 2.9 per cent), according to the agency, whose analysis suggests that Canadians might have engaged in some retail therapy.

RELATED: Canadians paid more for food and housing in October as inflation rose

“As the household savings rate declined compared with the early months of the pandemic, physical distancing rules encouraging Canadians to stay home may have prompted increased spending on big-ticket items for the home,” a report reads.

Canadians also spent more on housing.

Rents rose 1.5 per cent during the 12 months to November, up from an increase of one per cent in October.

“While year-over-year growth in rent prices remained below pre-pandemic levels, November marked the fifth month-over-month increase in six months, with the lone decrease occurring in July,” it read.

Canadians also spent more on new homes as the so-called homeowners’ replacement cost index linked to the price of new homes rose 1.1 per cent month in November, the ninth consecutive monthly increase.

“Historically low interest rates coupled with a shift in home buyer preferences toward larger spaces continued to fuel demand for single-family homes,” it reads. “This higher demand and the combination of higher building material costs and low inventory of homes for sale in some markets contributed to rising prices for new housing.”


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

RCMP. (Phil McLachlan/Capital News)
Suspect arrested after armed robbery in downtown Castlegar

Victim was allegedly threatened with knife and bear spray

Columbia Avenue Redevelopment — Phase 2 will begin in February. Image: City of Castlegar
Construction on the Columbia Avenue Redevelopment Project beginning March 1

Crews will be clearing brush and trees and removing asphalt

A dose of COVID-19 vaccine is prepared at a vaccination clinic in Montreal’s Olympic Stadium on Tuesday, Feb. 23, 2021. THE CANADIAN PRESS/Paul Chiasson
39 new cases of COVID-19 in Interior Health region

The total number of cases in the region since the pandemic began is now at 7,334

(file photo)
Nomination packages available for Castlegar byelection

The mayor’s seat and one council seat will be on the ballot

The Skinny Genes Foundation is raising awareness and funds for a rare genetic disorder that claimed both his father and uncle.
NHL players, local businesses help Kootenay man raise funds and awareness for rare genetic disease

Signed NHL jerseys and local business donations up for auction in Skinny Genes Foundation fundraiser

A health worker holds a vial of AstraZeneca vaccine to be administered to members of the police at a COVID-19 vaccination center in Mainz, Germany, Thursday, Feb. 25, 2021. The federal state of Rhineland-Palatinate, start with the vaccination of police officers in internal police vaccination centers. (Andreas Arnold/dpa via AP)
B.C. officials to unveil new details of COVID vaccination plan Monday

Seniors and health-care workers who haven’t gotten their shot are next on the list

An investigation is underway after a man was shot and killed by Tofino RCMP in Opitsaht. (Black Press Media file photo)
Man shot and killed by RCMP near Tofino, police watchdog investigating

Investigation underway by Independent Investigations Office of British Columbia.

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. Supreme Court in Vancouver on Tuesday December 11, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C.’s compromise on in-person worship at three churches called ‘absolutely unacceptable’

Would allow outdoor services of 25 or less by Langley, Abbotsford and Chilliwack churches

Baldy Mountain Resort was shut down on Saturday after a fatal workplace accident. (Baldy Mountain picture)
Jasmine and Gwen Donaldson are part of the CAT team working to reduce stigma for marginalized groups in Campbell River. Photo by Marc Kitteringham, Campbell River Mirror
Jasmine’s story: Stigma can be the hardest hurdle for those overcoming addiction

Recovering B.C. addict says welcome, connection and community key for rebuilding after drug habit

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Nanaimo children’s author and illustrator Lindsay Ford’s latest book is ‘Science Girl.’ (Photo courtesy Lindsay Ford)
B.C. children’s writer encourages girls to pursue the sciences in new book

Lindsay Ford is holding a virtual launch for latest book, ‘Science Girl’

Most Read