Electricity costs add pressure on Ontario household budgets

Households in Ontario are having their budgets squeezed by electricity costs, which have risen twice as fast as the national average in the past decade.

A study from the Fraser Institute shows that the average Toronto resident now pays $60 more per month than the average Canadian while the price of electricity in Ontario rose 2.5 times income levels between 2008 and 2015, a staggering 71% (national average was 34%).

“Electricity is a necessity, and Ontario’s high prices pose a serious burden for many families who, after paying their hydro bills, have significantly less money to spend on other important priorities,” said Kenneth Green, Fraser Institute senior director of energy and natural resource studies and co-author of Evaluating Electricity Price Growth in Ontario.

Toronto residents can now expect to pay an average $201 per month for their electricity compared to $183 in Ottawa, $114 in Vancouver, $109 in Edmonton and $83 in Montreal.

“The Ontario government and its energy policy decisions share a lot of blame for the current crisis in electricity prices,” Green said.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?