A new survey conducted by Leger for Rates.ca indicates a significant increase in insurance premiums among Canadians, particularly for home and car insurance. According to the findings, 75% of Canadians with at least one insurance policy have experienced higher premiums in the last two years. The trend is more pronounced among individuals over 35 years old, with 78% of them reporting rising costs compared to 64% of Canadians aged 18 to 34.

The survey highlights the proactive measures taken by many Canadians to manage their insurance costs. Around 63% of insured individuals have actively sought to reduce their premiums, with common strategies including shopping around for better rates (40%), asking for discounts (30%), and modifying their coverage (21%). This proactive approach underscores the challenges Canadians face in an environment of rising insurance costs.

Additionally, the report illustrates regional disparities, especially stating that home insurance prices have been on a consistent rise from 2022 to 2025 in key Ontario cities such as Toronto and Ottawa, with the steepest increases noted in 2024 before a minor reduction in 2025. This presents implications on personal finances for many, as increased premiums could impact other budget considerations for Canadian households.