While the love for your precious pet may be priceless, the amount you spend on your cat or dog in 2024 could add up to thousands of dollars, according to a new report.

Online pet service platform Rover released its fifth-annual True Cost of Pet Parenthood report Tuesday and found that, like most things in life, the price of pet ownership has also increased.

Rover gathered data by surveying 500 Canadian-based pet parents in February 2024.

Rover's findings reveal that cat and dog essentials can cost between $965 and $4,020 per year. The median monthly cost of essentials is about $210 — an increase of $70, on average, from last year.

Rover notes that the increase is most likely linked to inflationary impacts on pet food, with some dog food brands costing 130 per cent more compared to last year, and cat food seeing a 120 per cent price increase.

Over half (52 per cent) of pet parents surveyed said the cost of pet-specific goods has increased more than other grocery and personal care expenses.

Sixty per cent of respondents said they were most financially impacted by the increasing cost of pet food, while 51 per cent said that treats and toys were making a dent in their wallets.

The survey found that while pet food has gotten pricier, most pet owners surveyed were financially worried about paying for vet visits.

"In terms of financial stressors, pet food comes in second place, followed by supplements and medications, treats and toys, [and] grooming and accessories," states the report.

How much does a pet dog cost in Canada?

Rover also broke down expenses specific to being a dog or cat owner.

The platform found it costs between $965 to $4,020 per year to own a dog in 2024.

This can add up to $80 to $340 per month — a $70 increase, on average, compared to 2023.

Canadians looking to bring a pup home this year will need to save up.

The total cost of bringing a new dog home can range between $2,465 to $4,770 in the first year, notes Rover. This is a 44 per cent increase compared to bringing a dog home in 2023.

Rover broke down spending when getting a new dog:

How the expenses associated with a pet dog in Canada have changed in the last year. Chart from Rover.

Spaying or neutering your dog can range from $755 to $1,080. Initial vet exams can add up to $699 and the combined cost of mandatory supplies like a leash and collar can be up to $175.

How much does a cat cost in Canada?

Cat ownership is a slightly cheaper option than owning a dog, noted Rover.

The annual cost of raising a cat ranges from $930 to $2,400 a year. The monthly cost breakdown is between $80 to $200 — a $70 increase, on average, from 2023.

In the first year, new cat owners can expect to spend between $1,875 to $3,345 on their new feline companion.

Rover also broke down specific costs when getting a new cat:

How the expenses associated with a pet cat in Canada have changed in the last year. Chart from Rover.

Cat owners can expect to pay up to $670 to get their pet spayed and $970 for neutering.

A new cat bed or litter can cost as much as $80.

One of the other pricier items for a new cat is a scratching post, which can run you anywhere between $35 to $265.

While rising costs have made pet owners more conscious of their budgets, they are not skimping on spending when it comes to their beloved fur babies.

Over one-third (34 per cent) of respondents said they have reduced spending in other areas of their lives to ensure they can afford items and services for their pet's needs.

Cat and dog owners are also willing to put money on the line if it means their animals could live longer.

Over half (58 per cent) of respondents said they would consider life-extending meds for their pet despite potential added costs, and 20 per cent of pet parents said they are willing to pay any amount if their pet could live an extra year.