Today is your day Boomer! It is going to cost you more to live this year....at least if you are a Boomer in British Columbia. Here is a list of potential price increases as we start 2024: (1)According to Canada's Food Price Report 2024, total food prices are expected to increase by 2.5 to 4.5 per cent in 2024. This means the typical Canadian family of four can expect an increase of about $700 in their annual food bill. (2)FortisBC, which provides power to some parts of the province, will raise its electricity rates by 6.74 per cent starting Jan. 1, costing the average customer about an additional $11.26 per month. Meanwhile, B.C. Hydro has also applied to the B.C. Utilities Commission for a 2.3 per cent rate hike that would take effect on April 1, 2024. (3)The B.C. government announced in September it would cap the allowable rent increase at 3.5 per cent for 2024. As well, home prices across Canada are expected to rise by 5.5 per cent by the end of 2024, according to a market survey forecast by Royal LePage. (4)Starting April 1, B.C. Ferries fare prices will increase by an average of 3.2 per cent each year for the next four years. Wow, I travel to Vancouver Island a lot, often with my truck and trailer, so this one affects me big time! Boomers, looks like we will have less money for those "extra things" in life in 2024. Happy New Year.

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