Here's what British Columbians will pay more for in 2024

Canadian $100 bills are counted in Toronto, Feb. 2, 2016. (THE CANADIAN PRESS/Graeme Roy)

From food to fuel to rent and real estate, life in British Columbia is expensive. And in 2024, prices are expected to continue rising in several sectors.

Here are some of the things that will cost British Columbians more this year.

UTILITIES

On New Year’s Day, FortisBC’s electricity rates went up by 6.74 per cent. The hike will cost the average customer approximately $11.26 extra per month, according to the utility provider.

BC Hydro rates may also rise in 2024, as it has applied for a 2.3 per cent hike. If approved by the B.C. Utilities Commission, the new rate will come into effect on April 1. BC Hydro expects the decision to come by the end of February.

According to the Crown corporation, the hike would add about $2 per month to the average power bill.

HOUSING

Housing costs for many renters will probably go up this year. As of Jan. 1, the maximum allowable rent increase is now 3.5 per cent, which is below the rate of inflation, but up from two per cent last year. Landlords can raise the rent once every 12 months and must give tenants three months notice.

Real estate prices are also expected to rise in some parts of B.C., according to RE/MAX’s 2024 Housing Market Outlook. It predicts the average residential sale price will increase by two per cent in Metro Vancouver and Nanaimo, with the average home costing $1,527,497 and $585,307, respectively, in 2024.

Meanwhile in Victoria, RE/MAX predicts sale prices will drop by two per cent this year to $942,096.

FERRIES

Another hike coming to the province is from BC Ferries, which announced fare prices will go up by an average of 3.2 per cent each year over the next four years.

The Crown corporation said provincial funding prevented the ticket prices from going up 9.2 per cent annually.

The hike takes effect on April 1.

FUEL

B.C.’s carbon tax is also getting a hike on April 1 from $65 per tonne to $80 per tonne. That means the tax will cost 17 cents per litre of gasoline, 21 cents per litre of diesel and 15 cents per cubic metre of natural gas.

According to the Canadian Taxpayers Federation, a couple would pay $1,124 in carbon tax in 2024, if they owned a Dodge Caravan and Ford F-150, and filled the Dodge up once a week and the pickup every two weeks.

GROCERIES

Food products in Canada will have an average inflation rate increase between 2.5 and 4.5 per cent in 2024, according to the annual Canada Food Price Report, down from the average five to seven per cent in 2023.

Researchers predict the most significant increases of five to seven per cent in bakery products, meat and vegetables. Dairy and fruit are expected to have rates between one and three per cent, whereas seafood and restaurant food is expected to be between three and five per cent.

The report said a family of four can expect to spend about $700 more on food in 2024 than they did last year.

Researchers expect food prices in B.C. to increase by the average amount, while other provinces could see increases higher or lower than predicted in the report.

With files from CTVNews.ca’s Natasha O’Neill