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Guest column: Disturbing link between housing crisis, food insecurity

July 17, 2023
in News
Guest column: Disturbing link between housing crisis, food insecurity
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Published Jul 16, 2023  •  Last updated 22 hours ago  •  3 minute read

By Sylvain Charlebois

The Bank of Canada has once again increased in its benchmark interest rate.

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Concurrently, a growing number of financial experts are expressing their apprehensions regarding the potential impact of yet another rate hike on consumers. And their concerns are not unfounded.

Let us examine the evidence:

Undoubtedly, food and housing constitute the fundamental necessities of life. Pertinent data reveals that the cost of housing exerts a considerable influence on our grocery expenditures.

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Notably, despite prevailing inflation, the latest quarterly results from Empire/Sobeys/IGA indicate a $16-million decline in food sales compared to the corresponding quarter of the previous year.

That’s right, $16 million. Similarly, Loblaw/Provigo experienced a mere 3.1% increase in food sales over the past year, despite inflation consistently exceeding nine per cent over the preceding 12 months. Metro witnessed a modest 5.8 per cent rise in food sales at their stores during the last quarter.

In essence, retailers are, at best, merely sustaining their food sales. Consumers may be visiting restaurants more often, perhaps, but we are all actively pursuing special offers, forsaking national brands, and gravitating towards more affordable stores.

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While food prices are undeniably on the rise, discounted products can still be found. On average, supermarkets proffer a range of 15,000 to 60,000 products, contingent upon the shopping locale.

Consequently, food shopping alternatives do exist. Housing, however, presents significantly disparate and less accessible options.

The past year has proven challenging for almost everyone due to escalating interest rates. Particularly, rental costs in Canada have surged in recent months.

For instance, the average monthly rent for a one-bedroom apartment is presently $1,828, according to Rentals.ca. This marks a 13.03 per cent increase over a single year, amounting to an additional $238 per month.

Consequently, tenants of one-bedroom apartments must now bear a rent that exceeds the preceding year’s by nearly $3,000. Analogously, the same scenario applies to two-bedroom apartments.

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The average monthly rent in Canada stands at $2,243, reflecting a 10.7 per cent surge over a year, with approximately one third of Canadians renting their residences.

Homeowners and mortgage borrowers face an even direr situation. For those who acquired a $500,000 house last year, with a 25-year mortgage and a 20-per-cent down payment, the monthly payments hovered around $1,700, subject to the prevailing interest rate.

At present, these payments have surpassed $2,800 per month, constituting an approximate increase of $1,100 per month and nearly $13,000 extra annually.

Maintaining the same standard of living under such circumstances necessitates a considerable financial commitment. Moreover, over time, many households find themselves compelled to renegotiate their mortgages at significantly higher interest rates, an unsurprising outcome.

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In contrast to the relative accessibility of substituting grocery items, effecting changes concerning rent or mortgage payments prove more arduous. Such adjustments entail either selling and relocating or seeking a roommate to share the burden of housing costs.

Regardless of the chosen course of action, associated expenses inevitably accompany a change of address.

The statistics underscore the financial strain endured by Canadians, held captive by the exorbitant costs of housing and consequently compelled to make compromises in their grocery expenditures.

These compromises encompass both financial considerations and nutritional factors — let us boldly acknowledge this reality. Given the foreseeable persistence of rising rents and mortgage rates, the prevailing macroeconomic context compels us all to embrace a more frugal mindset, reminiscent of the trends experienced in the early 1980s.

During that era, promotional products not only experienced temporary surges in popularity but became the norm for many households.

Although the prospect of abundance and indulgence will eventually resurface, it will undoubtedly require some time to materialize.

Sylvain Charlebois is senior director of the Agri-Food Analytics Lab at Dalhousie University and co-host of The Food Professor podcast.

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