Living in BC: What will cost more, less and the same in 2023?
After a year characterized by painful levels of inflation not seen in years, British Columbians can expect some necessities to cost the same in the New Year, with slightly cheaper but the cost of groceries that will continue to increase, it is unlikely to equalize increase.
Here’s a look at what to expect in the coming year, starting with the bad news.
Industry experts agree that despite lower nominal inflation in the fall and normal gas prices, it will still be some time before this hits grocery shelves and gas prices. food continue to rise.
“Probably by spring,” said Sylvain Charlebois, director of Dalhousie University’s Agri-Foods Analysis Laboratory. “To see bulk discounts, you really want to see lower prices over time.”
After cutting its rates by about 1.4 per cent last year, BC Hydro is increasing its rates by 2 per cent on April 1, and Fortis’ electricity rates BC will increase by 4 percent.
BC Ferries is expected to raise fares starting April 1, and there are small fee increases at the community level, from higher parking fees at Stanley Park to increased shopping bag fees at ‘Vancouver for new single-use plastic ordinances in communities, including Chilliwack and Harrison. Hot Springs.
GOVERNMENT FUNDING OR LIMITED INCREASE
The province has taken smaller and more impactful affordability measures.
New laws have stopped grocery delivery fees, and landlords cannot increase rent by more than 2 percent for the year; They also have to give tenants three months’ notice.
Last month Premier David Eby announced that ICBC will seek approval from the BC Utilities Commission to freeze motor insurance rates for the next two years.
In 2022, more families began to see long-promised government-subsidized daycare, and this year even more families will have access to child care that will save them hundreds of dollars per month per child. .
A two-year ban on foreign home ownership came into effect across Canada on Sunday, but analysts believe it will have little impact on home prices, pointing to already dire interest rates significantly cooled the market.
It remains uncertain whether the Bank of Canada will raise its key interest rate or leave it at 4.25 per cent after seven interest rate hikes last year.
Still, there is broad agreement that house prices will continue to fall as sales have fallen from a third to half the figure of a year ago. However, recent forecasts predict that a recovery is possible by the end of the year.