In 2023, the average expenditure per household on water, fuel, and electricity in Canada stood at $2.58 thousand. Forecast data indicates a gradual year-on-year increase, with values rising to $2.66 thousand by 2028. Specifically, from 2024 through 2028, the forecasted growth rates suggest slight year-on-year increments averaging around 0.38%. The five-year compound annual growth rate (CAGR) is projected to be modest, reflecting stable expenditure patterns in this sector.
Future trends to watch for include potential impacts from policy changes addressing climate change, which could affect utility costs through carbon taxes or incentives for renewable energy adoption, and economic factors such as inflation or technological advancements in energy efficiency.
