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1 in 4 Canadians Can Only Afford the Minimum Payment on Their Credit Card

  Published August 24, 2026 · Canadian Money Brief A new survey from Equifax Canada puts a hard number on something a lot of us have felt creeping up all year: credit cards are doing more of the heavy lifting in Canadian budgets, and fewer people are paying them off. Of more than 1,500 Canadians surveyed, a quarter said they expect to make only the minimum monthly payment on their credit card, and another 7% think they'll fall behind entirely. That leaves just over half — 56% — who expect to pay their balance in full each month. The survey also found that 40% of respondents are spending more overall than they were a year ago, more than double the 18% who say they're spending less. Nearly 3 in 10 said they're leaning more heavily on credit cards to cover essentials like groceries and utilities, and close to a quarter are dipping into savings to keep up with everyday costs. More than a third have cut back on contributions to savings, investments, or education funds to make ro...
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Toronto vs. Vancouver 2025: What It Really Costs to Live in Canada’s Top Cities

 


In 2025, the cost of living in Toronto and Vancouver continues to reflect their status as Canada’s most vibrant—and expensive—urban centers. Here's a real breakdown of what it takes to live comfortably in each city.

Housing

  • Toronto: Rent for a 1-bedroom apartment in the city center averages C$2,465, while a 3-bedroom goes for C$3,968.
  • Vancouver: Slightly higher, with a 1-bedroom at C$3,212 and a 3-bedroom at C$6,110.

Groceries

  • Toronto: Monthly grocery costs for one person hover around C$821, with essentials like milk at C$4.39 and chicken fillets at C$17.26.
  • Vancouver: Groceries are pricier, averaging C$912.80 monthly. Milk costs C$4.42, and chicken fillets reach C$23.59.

Utilities & Internet

  • Toronto: Basic utilities for a 915 sq ft apartment cost C$173, and internet adds C$70.
  • Vancouver: Utilities are slightly cheaper at C$151, but internet is higher at C$117.83.

Transportation

  • Toronto: A monthly TTC pass is C$156.
  • Vancouver: TransLink’s monthly pass is C$107.30, making it more affordable for commuters.

Dining Out & Entertainment

  • Toronto: A meal at an inexpensive restaurant averages C$25, and a night out can cost C$240 monthly.
  • Vancouver: Dining is comparable, with casual meals around C$36, and cinema tickets at C$23.

Final Thoughts

Toronto offers a slightly more affordable lifestyle in terms of rent and groceries, while Vancouver shines with lower utility and transit costs—but higher housing prices. Both cities demand careful budgeting, but they reward residents with world-class amenities, culture, and career opportunities.


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