Canadians are spending more on pets as birth rates fall — what that means for your wallet

AI BRIEFING

• ⬤ Pet costs are increasing across the board, with average annual expenses ranging from $1,500 to $2,000 for small breeds and $2,500 to $3,500 for large breeds.
• ⬤ Millennials and Gen Z are driving the pet ownership trend, with more young people choosing to bring pets into their homes.
• ⬤ As birth rates decline, pet owners are taking on more financial responsibilities, with many needing to adjust their budgets to accommodate pet expenses.