Cost of heating your home could shoot up 30% this winters in Canada

Ottawa: From groceries to car loans, inflation continues to haunt Canadians. Now, a 30 percent increase in heating prices in these winters could put more burden on canadians’ pockets.

The cost of heating houses can increase by up to 30 percent. This price is linked to the prices of natural gas and most drivers know how much these prices have increased in 2022. In June, the Ontario Energy Board approved a 20 percent increase in natural gas for companies such as Enbridge. Not only this, this increase in prices will also be due to the restrictions imposed by Russia. Russia is a major producer of natural gas.

Apart from this, a recent forecast has expressed the possibility of a very cold winter season in Canada this time, which may increase prices. The Ontario Energy Board says that the average customer of The Enbridge pays $126 a month for heating.

The Bank of Canada on Wednesday raised its lending rates by three-quarters of a percentage point. In this era of rising debt, borrowing money will become even more expensive with this increase. Many Canadians could be badly hit by this inflation.