Canada Post has raised the price of mailing a letter once again, marking the third increase in the past five years. As of Monday, the cost for a stamp in a booklet, coil, or pane has risen to 99 cents, up from 92 cents. Additionally, the price for an individually purchased domestic stamp now stands at $1.15, previously $1.07. This recent hike follows previous increases in 2019 and 2020, reflecting a continued trend in rising postal costs.
The increase was announced earlier in February and has received the necessary regulatory approval. Canada Post, in its statement, emphasized its commitment to minimizing the impact on customers and ensuring the fairness of the price adjustments. This decision comes in the wake of a challenging financial period for the postal service, which reported a pre-tax loss of $748 million in 2023. The annual report highlighted the dual pressures of declining letter mail volumes and increasing delivery costs, exacerbated by the addition of approximately 200,000 new addresses in Canada each year. Without significant changes to its operating model, Canada Post anticipates facing larger and unsustainable losses in the coming years.