If you ask me, a life without pets is a life not fully lived. Pets, especially dogs and cats, provide an unparalleled source of companionship and joy. Time and time again, studies have clearly demonstrated how pets can improve our physical and mental health by reducing anxiety and stress, easing loneliness, and encouraging us to get more consistently active.
They say you can’t buy love, and while that may be fundamentally true, one cannot own a pet without incurring certain essential costs.
When it comes to welcoming a new four-legged friend into a home, there is plenty to scrutinize. For most aspiring pet owners, the primary concern surrounding pet ownership is the cost: the cost of buying the pet, and the cost of providing quality of life care over their lifetime.
Initial costs of getting a new companion animal include necessities like food, veterinary care, grooming, and more. When it comes to fully equipping a new pet with all the bells and whistles, the sky’s the limit. Pet insurance, health supplements, toys and treats, and other specialty products can very easily add up into the hundreds, if not thousands.
Depending on where you get your new pet from, prices can vary greatly. From adopting a pet from a rescue or shelter, to purchasing directly from a breeder, costs can range from $75 up to $4,000 or more, depending on the animal, breed, and supply vs demand.
Thanks in large part to the ongoing pandemic, demand for pets is at an all time high. As a resultant, this has caused an unprecedented surge in pricing as many pets are selling online for obscene sums, and eager would-be pet owners are lining up to open their wallets in the hopes of securing their newest companion animal.
This is where I take a moment to encourage anyone considering a new pet to first consider adoption. According to Humane Canada statistics, more than 20,000 dogs and almost 60,000 cats are taken in by animal shelters in this country every year. This does not include the tens of thousands of rescue animals coming in from outside of Canada, either.
After the initial startup costs of acquiring a new pet, there are ongoing costs which primarily include consumables like food, treats, and supplements. While the price for these goods varies wildly, so does the quality. Choosing a higher quality diet may cost more upfront, however, with a hardier and healthier pet, you may be able to avoid future veterinary visits, for example.
What is the actual cost of owning a pet?
Recently, Synchrony’s Pet & Vet Financial Solutions division ran an exhaustive cost analysis on the lifetime costs of owning a pet. They found that, in the first year alone, the cost of owning a dog could range from $1,300 to $2,800 USD (roughly $1,650 to $3,570 CAD). For cats, that range was only slightly lower at $960 to $2,500 USD (roughly $1,225 to $3,190 CAD).
This study, called Lifetime of Care, can be used as a helpful tool for pet parents to prepare for ongoing costs when deciding to welcome a new pet into their furrever home.
Overall, this study found the average lifetime cost of pet ownership ranges from $20,000 to $55,000 USD for dogs (roughly $25,515 to $70,165 CAD). For cats, the range was again only slightly lower at $15,000 to $45,000 USD (roughly $19,136 to $57,407 CAD).
Despite the costs of owning a pet, the study revealed that over 90 million U.S. homes have at least one pet, and 7 out of 10 pet owners consider their pets to be the emotional equivalent of having a human child.
Among the interesting statistics in the Lifetime of Care study, here are some of key highlights:
- One out of three pet owners will face an unexpected expense that causes financial worry, most commonly emergency veterinary care for a sick or injured pet.
- Almost half of all pet owners thought they were financially ready for pet expenses, but were not.
- 94% of pet owners did not have pet insurance when they first got their pet.
- Monthly expenses for dogs range between $111-$306 USD.
- Monthly expenses for cats range between $84-$254 USD.
For pet owners that are financially challenged, certain animal shelters and veterinary centres offer low-cost services like spay and neuter clinics, for example. However, depending on where you live, this may not be an option, as it may not be available in your area, or you may not meet the shelter’s requirements for eligibility.
When it comes to getting a new pet, there is certainly much to consider. Based on the information provided in this study, it is clear that financial preparation is imperative. As pet lovers, we want our fur-babies to live their best lives. However, a pet’s quality of life can be seriously diminished if we are unable to provide adequate levels of care due to financial constraints.
Brandon Forder, known as The Pet Expert, is vice-president of Canadian Pet Connection, an industry leader in healthy pet lifestyles. Brandon is certified in pet nutrition, and has more than twenty-five years’ experience specializing in pet health and behaviour. He has written hundreds of informative pet-related articles for newspapers, magazines, radio, and the popular Ask the Pet Expert Blog. Brandon is highly skilled in pet problem solving, and enjoys teaching others about smart and responsible pet ownership. To learn more, visit www.CanadianPetConnection.ca.
