Can you really afford a pet in Canada right now? Here's how to know before you bring one home

And those bills are bigger than ever. The cost of owning a pet in Canada has climbed sharply since 2020 — pushed higher by inflation, a nationwide veterinarian shortage and a surge in pet ownership that the system hasn't fully absorbed. Before you fall head over heels for a furbaby, here's what you actually need to budget for.

How much does a pet really cost in Canada?

The numbers may surprise you. Canadians spent approximately $9.8 billion on their pets in 2023, according to the Canadian Animal Health Institute (CAHI), a non-profit organization that tracks the animal health industry in Canada — nearly double the $5.7 billion spent in 2020 (1).

That's not just inflation talking. It's more pets, higher food prices, steeper vet fees and a healthcare system for animals that simply can't keep up with demand.

"Having that information before you're distracted [by your new pet] is really important," says Dr. Maggie Brown-Bury, the Newfoundland and Labrador representative on the Canadian Veterinary Medical Association (CVMA) council. "That's an expense that's added to your life permanently."

So what does "permanently" look like on paper? Updated estimates based on current Canadian veterinary and pet industry data suggest the annual cost of caring for a dog can run $4,500 to $6,000 or more — and in a puppy's first year, startup costs including vaccinations, spaying or neutering and supplies can push that number to $6,000 to $8,000 (2). Cats tend to cost less to care for annually, but first-year costs for a kitten still routinely top $4,000.

"In the first year of ownership, costs are usually higher because there are typically higher veterinary costs and a startup vaccination series," says Kathy Duncan, director of national programs for Humane Canada, a national federation of humane societies and SPCAs across the country.

Those figures are significantly higher than what was commonly cited just a few years ago — and the gap is only expected to widen.

The vet shortage is making everything more expensive

One of the biggest financial pressures facing Canadian pet owners right now isn't the price of food or toys — it's the cost of care. Canada has just five veterinary colleges (at the University of Guelph, University of Prince Edward Island, Université de Montréal, University of Calgary and the Western College of Veterinary Medicine in Saskatoon), graduating roughly 600 to 700 new vets per year (3). That's not enough to meet current demand, let alone the growth in pet ownership.

The CVMA has identified the shortage as a national concern, and the consequences are showing up directly in Canadians' wallets. Some clinics have reported fee increases of 20% to 30% since 2020, while wait times for non-emergency appointments have stretched to weeks in many urban centres and longer in rural communities.

"There is a continent-wide vet shortage," says Duncan. "And as a result, prices have gone up for vet care."

That means the emergency visit that once cost $250 to $400 may now run $500 to $2,000 or more, depending on the clinic and the severity of the situation. Brown-Bury has seen it firsthand — young dogs needing abdominal surgery after swallowing a toy off the floor, with owners suddenly facing a bill for several thousand dollars they weren't prepared for.

"People are spending, like, $3,000 on a pure-bred puppy and that's it, they're out of funds," she says.

Should you get pet insurance?

Given the rising cost of emergency and specialty care, pet insurance is worth a serious look before you bring a pet home — not after. In Canada, monthly premiums typically run $60 to $100 or more for a dog and $30 to $60 for a cat, depending on the breed, age and coverage level (4).

That works out to roughly $720 to $1,200 or more per year for dog coverage — a real budget item, but one that can pay off dramatically in the event of a serious illness or injury.

Brown-Bury has pet insurance on her own animals and says it's changed how she approaches her dog's diabetes diagnosis.

"Now my dog is diabetic for the rest of her life ... that money is covered 90% every time I refill her prescription," she says. "For me it's totally worth it."

Despite the potential savings, pet insurance penetration in Canada remains low — estimated at under 5% of pet owners. That means the vast majority of Canadians are self-insuring, which works fine — until it doesn't.

If you're weighing insurance against a dedicated emergency fund, consider this: a single surgery can cost $3,000 to $8,000. Most financial advisers recommend a minimum emergency fund of $2,000 to $3,000 for pet owners who opt out of insurance. Either way, have a plan before your pet needs care.

Instead of absorbing big, unexpected bills all at once, Petsecure✢ helps cover up to 80% of eligible vet bills, including taxes and exam fees.

Petsecure also offers four tiered plans depending on what you actually need — from essential coverage to unlimited accident and condition protection, plus dental and optional wellness care.

Sign up today and you can get 10% off your first year of pet insurance.

Do your research before you adopt

Both Duncan and Brown-Bury say the best financial move a future pet owner can make is to do thorough research before adoption day — because once those eyes are looking up at you, the budget conversation gets a lot harder.

Research means more than price-comparing food brands. It means looking at the specific breed you're considering: does it have known health vulnerabilities? What's its average lifespan? Some breeds are prone to expensive conditions — hip dysplasia in large dogs, dental issues in flat-faced breeds, heart conditions in certain cats. Knowing the risk profile of the animal you're adopting can help you make a more informed financial decision.

It also means preparing your home before the pet arrives. Pet-proofing your space — securing loose wires, removing toxic plants and locking away household chemicals — can prevent the kind of accidental ingestion or injury that leads to emergency vet visits.

Prevent costs before they happen

Annual wellness exams are one of the most effective ways to keep pet-care costs manageable over the long term. Catching a condition early — before it becomes a crisis — almost always costs less than treating it after the fact.

"Some people don't go to the vet until they're sick," Brown-Bury says. "That is going to cost you more money in the long run. If you're going to annual exams, you're going to catch things sooner."