Crunching the numbers for postsecondary students this academic year

Undergraduate students will be paying on average $7,076 in tuition fees this academic year, up 3.0% from a year earlier. Postsecondary students can also expect to pay more for rent, food, clothes and (ahem) beer this fall.

New student digs will set you back plenty, but furniture will cost less

Unless returning postsecondary students are living with their parents, rent will be by far their largest monthly expense during the upcoming school year.

Overall, rent prices were up 5.5% year over year in July, with the largest increase in New Brunswick (+8.0%).

Students moving into new accommodation this year will be paying higher rent than established renters. The median monthly shelter cost paid by “recent renters” (those who had moved within the past 12 months) was $1,320 in 2021, compared with $1,020 for existing renters. 

The largest difference was in Toronto, where the median monthly shelter cost for recent renters ($1,940) was $510 higher than for existing renters ($1,430).  

Students will get a bit of a break when it comes to furnishing their home, with new furniture prices down 3.7% year over year in July 2023.

Weighing your dining options

No matter where you eat, prices will be higher this fall compared with the start of school last year.

Prices for food purchased from stores (+8.5%) rose at the fastest pace year over year in July 2023, followed by food purchased at a fast-food joint or take-out counter (+6.5%), cafeteria (+6.2%), and table-service restaurant (+5.8%).

Grocery shopping will cost more, especially munchies

Students grocery shopping this fall can expect to pay more year over year for almost all essentials.

Prices for vegetables (+9.2%), meat (+7.7%), dairy products and eggs (+7.2%), fresh fruit (+4.1%), and fish (+2.3%) were all up this July compared with 12 months earlier.

Students will likely be paying more this fall for processed mac and cheese, a renowned staple of student cuisine. In July, prices for processed pasta were up 6.3% year over year.

Prices for breakfast cereal and other cereal products (+14.6%) and rice and rice-based mixes (+10.6%) were among the fastest growing food products year over year.

Munchies will also cost you more this fall. In July, Canadians were paying more for ice cream and related products (+9.7%), potato chips and other snack products (+7.6%), and confectionery (+7.4%) compared with 12 months earlier.

Measuring the cost of all-nighters

When it comes to a hot caffeine fix for students pulling all-nighters to study, prices for roasted or ground coffee (+3.3%) and tea (+3.9%) rose at less than half the pace of instant coffee (+9.4%) in July compared with 12 months earlier. Adding sugar costs 12.2% more.

For postsecondary students indulging in extracurricular activities, the price for beer bought from a store was up 3.6% year over year in July, while buying a beer in a drinking establishment cost 5.9% more.

Prices for wine (+6.8%) and liquor (+4.8%) bought at a store were also up year over year in July.

Recreational cannabis cost 4.6% less in July, with prices in New Brunswick down by almost one-fifth compared with 12 months earlier.

The price of looking and smelling good is rising

Postsecondary students this fall will be happy to learn that prices for clothing and footwear are generally rising slower than the pace of inflation overall. In some cases, students will be paying less year over year.

In July, prices for women’s clothing (+1.0%) were up year over year, while prices for men’s clothing edged down (-0.2%). Athletic footwear cost 0.6% less year over year in July, while prices for women’s (+2.3%) and men’s (+1.4%) shoes were higher.

Prices for bling in the form of jewellery (-3.5%) were lower from a year earlier in July.

The price of personal hygiene, however, is rising faster than the pace of inflation. Prices for toiletry items and cosmetics were up 8.4% year over year in July, as were prices for personal soap (+4.5%) and oral-hygiene products (+2.0%).

Students catch a break with lower prices for gadgets, cellular services and Internet

One of the few areas where postsecondary students will find real savings this year is that of buying a computer or choosing an Internet provider.

Prices for computer equipment, software and supplies were down 10.5% year over year in July, while prices for cellular services were down 14.8%.

Canadians were paying 3.8% less for Internet access services this July compared with the same month a year earlier, with the largest increase in Newfoundland and Labrador (+4.2%) and the biggest drop in Quebec (-15.1%).

Higher prices getting you down? Education still pays

Despite the higher costs associated with postsecondary schooling this year compared with 12 months earlier, earning a degree, diploma or a certificate will ultimately pay off.

A study found that university education is associated with much higher pay, because bachelor’s degree graduates earned about a half million dollars more than their counterparts with a high school diploma over a 15-year follow-up period (roughly between the ages of 30 and 45).

But it’s not just about earnings—over four in five (83%) postsecondary graduates in 2015 liked their job.

Studies have also linked higher education to longer life expectancy and better health, higher voting rates, and more active involvement in retirement planning.

Looking for more price data?

Tuition fees, priced annually in the Consumer Price Index, rose 2.3% year over year in September 2022. Price changes for this academic year will be available on October 17.

Learn more about everyday prices changes with our handy Consumer Price Index Data Visualization Tool.

Better yet, find your personal rate of inflation based on the goods and services you buy.