Our family took a trip to Quebec a couple weeks ago. Overall, we absolutely loved it, and it was fun to see the differences in cultures. A few economic observations from the trip.
Photo - me at Montmorency Falls in Quebec, which is 1 1/2 times taller than Niagara Falls.
1. The exchange rate is more favorable for Americans now relative to a year ago.
When we visited, one US dollar purchased around $1.37, up from about $1.33 a year ago. The graph below understates what we saw, as on July 1, 2023 the rate was $1.30. That is an extra 4% to 5% of purchasing power for the US dollar relative to the Canadian dollar. In theory, prices should adjust. And they likely will, but not immediately which meant better deals for us.
2. Relatedly, prices are quite affordable
In Old Quebec, an incredibly beautiful and desirable place to eat, the outdoor cafes had many meals available for under $15 Canadian, with drinks also priced reasonably. Our family of 5 ate very well - and had a few drinks - for prices that were cheaper than what we’d see at an average restaurant in Selinsgrove, PA.
3. Incomes in Quebec seem low. Why?
I think political instability likely has something to do with this. For more, watch this short video!