How will spend your summer vacation?

Hey there, time traveller!
This article was published 24/07/2024 (653 days ago), so information in it may no longer be current.

Dear Money Lady Readers:

Are you planning to travel this summer? Most Canadians are not. Higher interest rates and the rising debt-servicing challenges of Canadians may be to blame for the reduction in travel and leisure activities. Interest rates are still too high, even after the Bank of Canada’s recent quarter-point discount. According to RBC Economics, Canadians will not see a turnaround in per-capita spending until the fourth quarter of 2024.

So, how can you enjoy a summer vacation ‘on the cheap?’

Most Canadians are planning staycations to lower costs. There are tons of things to do with the kids, such as day trips to museums, art galleries and country markets – even camping in the backyard. Canada has a huge number of beaches, so take a day or two to enjoy the sun.

Here are some other ideas to keep costs down and still create a memorable summer vacation:

Visit a summer music festival, farmer’s market, flea market, flower farm, petting zoo, farm pet sanctuary or a local pioneer village. You could also go camping, cave exploring, join a bike riding tour, go on a train tour, tall ship cruise, or island cruise. What about white water rafting, canoeing, fishing, or why not discover Canada’s lighthouse histories and visit them all? You could also go hiking, horseback riding, rock climbing, or better yet, visit a trampoline park or water park. If you want a slower pace, why not check out food tours, wineries, sunflower or lavender farms, or even plan some home events, such as barbecues or backyard picnics?

But what if you absolutely must travel outside of Canada to enjoy your summer? Well, according to the recent flight surveys that came out in May 2024, the following destinations in South America now have the lowest costs for air fare and accommodations for Canadians – Mexico, Cuba, Dominican Republic, Chile, Guatemala, Costa Rica, Panama, Belize and Argentina.

Would you rather go to Europe? European travel is hyper-expensive this year. According to WestJet CEO Alexis von Hoensbroech, Canada has some of the highest costs for air travel due to fees added to ticket fares for airport maintenance and other infrastructure-related costs. And the Olympics in Paris is keeping prices high.

There are some overseas destinations that are cheaper to get to than Europe and which could be an alternative to those who want to jet set across the pond. Why not consider Asia? According to Canadian travel and tourism stats released last month, the following destinations have the lowest costs for air fare and accommodations – Vietnam, Thailand, Cambodia, Indonesia or the Philippines.

Whatever you do this summer – whether you stay close to home or travel to far-off lands, keep in mind that everyone needs time to refocus and recharge. According to Health Canada, those people who take a vacation every two years (as opposed to those who wait longer than five years) are more likely to reduce their risk of coronary heart disease, cancers and stroke. So, for your personal health and longevity – take some time off this summer and enjoy your life.