Canadians are tightening their wallets, and it’s showing up everywhere—from grocery aisles to restaurant tables and even in the Toronto condo market. Recent consumer spending data reveals that people are cutting back on travel, entertainment, and dining out while paying closer attention to deals, loyalty programs, and ways to save on everyday purchases. At the same time, condo buyers are facing rising maintenance fees and shifting price trends. Here’s a closer look at how Canadians are spending (or not spending) their money, and what it means if you’re thinking about buying a condo in Toronto.
How Canadians Are Spending Their Money (Or Not)
Lately, the question on everyone’s mind isn’t how Canadians are spending their money, but where they’re choosing not to. Consumer spending data from Moneris & Angus Reid Group—pulled from Apple Pay, Google Pay, and credit card transactions—shows a clear shift in our priorities.
Pulling Back on Fun, Spending on Comfort
Spending on travel and entertainment is down, while dollars going toward home, wellness, and personal support are up. Even eating out has taken a hit. According to OpenTable, restaurant bookings are down 3%. Three-quarters of Canadians are dining out less often, and when they do, many are cutting back on extras like appetizers or that second glass of wine.
Grocery Shopping Gets a Makeover
Nearly 9 out of 10 Canadians (89%) have changed their grocery shopping habits just in the last month. How?
- 70% look for special deals before making a purchase
- 51% shop at multiple stores to get the best prices
- 45% rely on loyalty programs
And brand loyalty? That’s out the window. Over half of Canadians have switched brands in at least one category to save money:
- 37% on groceries
- 22% household items
- 14% clothing
- 13% restaurants
- 12% health and beauty
- 11% gas
- 10% telecom bills
- 9% alcohol
- 5% charitable donations
The takeaway: Canadians are becoming more deliberate and cost-conscious about where their money goes.
What This Means for the Condo Market
The belt-tightening isn’t just visible in grocery aisles or restaurants—it’s showing up in Toronto’s condo market too. We’re seeing more caution, fewer showings, and slower offers. And prices dipping below $1,000 per sq. ft. are no longer rare.
On top of that, maintenance fees have become a major factor. What used to average between $0.65 and $0.75 per sq. ft. has now crept up over $1.00 per sq. ft. in many buildings, with some as high as $1.20. Inflation, combined with the aftershocks of COVID, has put a serious strain on condo boards’ budgets.
How to Keep Condo Fees in Check
If you’re shopping for a condo and want to avoid sky-high fees, here are a few things to keep in mind:
- Check garage ownership: Some rare buildings (like 25 The Esplanade) don’t own their parking garages—meaning lower fees.
- Skip the concierge: It may feel luxurious, but you’ll save big without one.
- Look for more units: Smaller boutique buildings sound great, but bigger buildings spread maintenance costs across more owners.
Spend Smart, Live Well
From grocery carts to condo boards, Canadians are learning to spend more carefully. If you’re thinking about making a move, I’d love to help you find a home that makes sense for your lifestyle and your wallet.
If you’ve been waiting for a sign to step off the sidelines, consider this it. The deals are out there. The question is, are you ready to grab one?
We’re Toronto Real Estate expert Realtors and we’d love to help you.
We just listed a fabulous suite in Yorkville that I’m so excited about! It’s a fully renovated one-bedroom with a bathroom, parking, and locker at 40 Scollard, right across from the Four Seasons Hotel. Imagine being steps from some of my favourite restaurants—Trattoria Nervosa, The Oxley, Kasa Moto, Sassafraz, Bar Reyna…the list goes on. If you or someone you know has been dreaming about the Yorkville lifestyle, this might be the perfect fit.
