The pleasures of these animal friends, however, do not come cheap: the cost of pet care has increased by 6% to 8% annually in the last few years. On average, dog owners spend between $965 and $4,020 a year on their pup, while cat owners spend less, between $930 and $2,400 a year, according to pet-sitting app Rover. Between vaccinations, spaying/neutering, routine checkups, and illnesses or emergencies, the cost of visiting the vet can start to compete with your mortgage payments.
While inflation has had an impact on the cost of pet care—as it has on almost everything else we pay in life—it's not the only factor at play. The state of animal care has changed in recent years, mainly due to the lack of staff, the involvement of large companies-in recent years, many private clinics have sold to private firms-and complex equipment and treatments. Here's why you pay through the nose to keep your beloved four-legged friend healthy—and how you can cut those costs a little.
Why is animal care so expensive?
A lot goes into animal care. If your pet is injured or not feeling well—unusually tired, say, or not interested in eating—a battery of tests may be needed to pinpoint the problem and decide on care. X-ray and ultrasound machines, lab equipment and other equipment for veterinarians have improved significantly in recent years, and as clinics invest in them, they have to charge more to recoup those costs.
Treatment can be expensive as well. Because of our publicly funded health care system, Canadians are not used to having to deal with the cost of medical care, so a bill of several thousand dollars for chemo or surgery for your golden retriever can be shocking. But the treatment of animal diseases is often the same or very similar to that of humans, so the costs are the same, too. Supply chain disruptions, coupled with a limited number of drug distributors, have led to drug costs as well.
And, like everyone else in the country, vets have seen their costs rise due to inflation. Rent is high, as are mortgage interest rates, property taxes, insurance, utilities and maintenance fees. Pet businesses feel the pressure just like the rest of us, and need to cover their basic operating costs.
Another issue is the lack of staff. Fewer vets and vets were to leave before 2020. Then during the COVID-19 lockdown, animal ownership skyrocketed, leaving many clinics struggling to keep up with patient demand. There is fierce competition for potential employees, and one way to attract new talent is to offer them high compensation—those costs are often passed on to their adoptive parents. Let's not forget that there are clinic staff who keep everything going, such as receptionists and cleaners; they need fair compensation, too.
One of the biggest factors in the increase in veterinary debt is that many clinics have been bought by large companies in the past few years at surprisingly high prices—sometimes more than 30 times the clinic's annual sales. These companies are often more profit driven than private clinics and often pressure vets to raise fees or prices in order to recoup their investment. And, with the high interest rates of the past two years, their new purchases have been more expensive than they expected, adding more pressure to raise payments.
Watch: Is pet insurance worth it?
How can you save money on pet care?
“An ounce of prevention,” you know, everything else. It's easy to just not worry about your pet's health when they seem nice and happy, but being proactive now can save you big bills down the road. Making sure they eat a healthy diet, get plenty of exercise and get all the necessary scans and regular checkups can help prevent illness—or catch it early—and avoid potentially expensive treatments.
Be sure to shop around at vet clinics before deciding where to take your pet. Prices can vary greatly, so it's worth calling a few places to compare prices. Such differences are hardly arbitrary—payments may cover different things, such as blood and pain medication, and some clinics have newer or better equipment or simply pay higher rent. There are also less expensive spay/neuter and vaccination centers that provide a basic (but still safe and adequate) service.
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