Stalling wages and rising prices have many Canadians feeling like they are financially worse off than they were five years ago, according to a survey by Harris & Partners Inc.

All told, 89.4 per cent of respondents indicated they are finding it harder to manage everyday essentials, such as food, housing and utilities, and 61 per cent said they are financially worse off than they were before the

COVID-19 pandemic.

“These findings show just how much the cost-of-living crisis has taken hold,” Harris & Partners chief executive Joshua Harris said in a release. “When nearly nine in 10 Canadians are saying even the basics have become harder to afford, it is a clear sign that many are struggling just to get by.”

There’s no doubt that costs have risen to the point where Canadians are finding it hard to afford everyday life. Grocery prices alone climbed 27.1 per cent between July 2020 and July 2025,

according to Statistics Canada.

Rent and housing costs may have slowed down in recent months, but they remain unaffordable for many. Asking rents for a two-bedroom apartment climbed 71 per cent in Montreal

between 2019 and 2025

, 27 per cent in  Vancouver and 5.1 per cent in Toronto.

“We are seeing a pattern where rising prices are outpacing income growth and people are being forced to make increasingly difficult choices,” Harris said. “It is not about cutting back on luxuries anymore; it is about whether you can cover rent, keep the lights on and put food on the table.”

Those hoping for relief in the form of a pay raise may need to wait. A recent report by Mercer LLC said annual compensation budgets — the budget allocated for salaries — are expected to continue their downward trend into 2026.

Harris & Partners is calling on lawmakers to step in and help struggling Canadians and suggested implementing fair wage growth as well as other support measures.

“Constantly worrying about money is exhausting,” Harris said. “When people are having to stress over the cost of essentials, it takes a toll emotionally and physically. We are hearing from more Canadians who feel they are at a breaking point.”

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Apple Inc.’s stock is down more than 17 per cent this year as it struggles with the impact of United States tariffs and threats by U.S. President Donald Trump, which has cost the company US$800 million during its third quarter alone.

But now, the picture of what the company may face when it comes to tariffs has the stock on pace for an 8.7 per cent gain in August.

In July, Apple reported its first revenue growth in more than three years, an early sign that the company may be turning things around.

Read more here.

  • Earnings reports for Canada’s big banks continue with the Royal Bank of Canada and National Bank
  • Earnings: Nvidia Corp., Royal Bank Of Canada, National Bank, CrowdStrike Holdings Inc., Foot Locker Inc., Abercrombie & Fitch Company

  • Canada is ditching retaliatory tariffs, but relief at the grocery store may take time
  • Scotiabank posts higher global banking profits, beats analysts’ expectations
  • Is there light at the end of the tunnel for real estate markets?
  • BMO beats expectations, lowers provisions for credit losses

It’s important to keep up-to-date information when dealing with a loved ones finances in the unfortunate event they no longer have the mental capacity to handle the accounts or in the event of a passing.  Dealing with the legal process can be messy, even if the paperwork is already sorted out, so not planning ahead can make the process especially difficult.

Read more here.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column

can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

mortgage rate page

for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s

YouTube channel

for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at 

posthaste@postmedia.com

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