[Money] $3,020: the average annual expense for a dog in Canada, up 23.3% in 3 years
In the ever-evolving economic landscape of Canada, the financial implications of pet ownership have undergone significant changes. This expert report delves into a remarkable aspect of this phenomenon, focusing on the burgeoning costs associated with dog ownership. This report not only presents a detailed breakdown of the expenses but also explores the broader implications for Canadian dog owners, including shifts in pet care priorities and the potential for changes in pet ownership trends.
Good to know
KEY DATA :
- The average annual expense for a dog in Canada is about $3,020, from $2,595 for the smaller breeds of dog to $4,605 for the biggest ones.
- The average cost of owning a dog in Canada has risen 23.3% in three years, from $2,450 in 2021 to $3,020 in 2024
- The cost of pet food for the biggest dog breeds ($2,640) is notably higher than that for the smallest breeds ($525)
- Food and health are the two main expense categories for dog owners
- In 2024, getting a dog costs an initial expense of $2,580, regardless of the breed
The average cost of owning a dog in Canada has risen 23.3% in three years
The data on the annual expense for dog ownership in Canada from 2021 to 2024 shows a steady increase from $2,450 to $3,020, indicating a notable rise of 23.3% over four years. This trend likely reflects broader economic factors such as inflation and an increased demand for pet-related products and services. Additionally, it suggests a shift towards higher-quality pet care, with owners investing more in their pets' well-being. This rising cost trend has important implications for both current and prospective dog owners, emphasizing the need for careful financial planning in pet care.
Source : StatCan, data provided to HelloSafe by private partners
The annual budget for the largest dogs can reach up to $4,605 in 2024
As we all know, the average annual budget for a dog varies greatly according to breed and size. Although the average budget in January 2024 was around $3,020, it can vary by as much as double depending on the dog you own. This difference is particularly significant in two expense categories:
- Food Costs: The most substantial difference lies in food expenses, with the cost for the biggest dog breeds ($2,640) notably higher than that for the smallest breeds ($525). This disparity, primarily due to the larger quantity and potentially different quality of food required for bigger breeds, underscores the importance of food budgeting in pet ownership decisions.
- Veterinary Care: Regular vet visits for larger breeds cost twice as much ($500) compared to smaller breeds ($250). This may be attributed to the more complex healthcare needs of larger breeds, which often require more resources and specialized attention from veterinarians.
Source : StatCan, data provided to HelloSafe by private partners
Good to know
Regardless of the breed, it is also important to point out that the differences in budgets that appear are also the result of the choices made by dog owners, which can vary greatly depending on the quality, quantity and extensiveness of the goods and services paid for the dog. For example, some dog owners may not buy any toys at all while other will purchase a lot of them.
In 2024, getting a dog costs an initial expense of $2,580, regardless of the breed
In addition to the regular annual dog expenses listed above, Canadians looking to acquire a dog will need to be prepared for a substantial initial outlay. In fact, during the first three months after acquiring a dog, numerous investments must be made in equipment, health prevention and other miscellaneous expenses.
In total, in January 2024, we estimate this initial expense for the acquisition of a dog at $2,580 in Canada, broken down as follows:
Source : StatCan, data provided to HelloSafe by private partners
Good to know
In comparison, the first year of a kitten’s life can cost Canadians $1,921.12, according to data from Pet Keen.
Methodology
This report has been build upon data from StatCan and other data provided by HelloSafe partners. The number presented are up to date as of January 2024.
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
About HelloSafe Canada
HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.
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