Economic stress: Montreal has more who are “thriving” than anywhere else in Canada

As inflation hits a 30-year high and a majority of Canadians say they’re worse off financially than they were a year ago, a new study has shed some light on factors related to economic stress in Montreal and Quebec, as well as the rest of Canada.

The Angus Reid Institute has put together the Economic Stress Index, which categorizes Canadians into four groups based on levels of debt, housing costs, household food costs and financial outlook: Thriving, Comfortable, Uncomfortable and Struggling.

Quebec is the only province in Canada where the majority are classified as either Comfortable (27%) or Thriving (31%). Conversely, in Newfoundland, where the unemployment rate is now 12.8%, 45% are classified as Struggling.

The study found that Quebecers are the least likely to say they worry about their debt, as well as the least likely to claim to be in a worse off financial position now than they were one year ago.

Quebec is also the most financially optimistic province in Canada.

In relation to Montreal specifically, 35% of its citizens classify as Thriving in the Economic Stress Index, more than any major city in Canada.

Regarding the cost of housing, 68% of Montrealers claim that the cost of their mortgage or rent is easy or manageable for them to afford.

“The picture in Canada’s major cities is varied. While a majority in Vancouver (54%) find their rent or mortgage manageable, they are the least likely to find it easy (5%) of any major urban centre. Across the country in Montreal, one-in-five (20%) have no worries when it comes to their housing costs. Torontonians are the most likely to report finding the costs of their rent or mortgage tough or very difficult (46%).”

—Angus Reid Institute

For the complete results and methodology, please visit the Angus Reid Institute website.

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