For the first time in years, Costco has announced it will be hiking its annual membership fees.

The increase will apply to members in the US and Canada and will come into effect on September 1, 2024.

According to Costco, its current Gold Star membership will increase from $60 to $65 per year, and its higher-tier Executive Membership will jump from $120 to $130 annually.

The company noted that the maximum annual 2% reward for the Executive Membership will also increase from $1,000 to $1,250.

Costco added that the change will impact 52 million memberships, “a little over half of which are Executive.” There are currently 108 locations in Canada.

This is the first membership price hike Costco has implemented since June 2017.

For those hoping to get a membership before the price hike, Costco is currently offering Canadian customers a limited-time deal on the Gold Star and Executive tiers.

When you sign up for a Gold Star membership, you'll get $30 off a $100 purchase on its website using the promo code COSTCO30.

Those who sign up for the Executive membership will get an online voucher for $60 off a $200 purchase on its website using the promo code COSTCO60.

The offer expires on September 1, 2024, when the membership price hike will come into effect.

Costco has recently implemented other changes around membership, as some stores across the country are requiring customers to scan their cards before entering.

This new measure was introduced to prevent non-members and those who haven't paid their membership fees from sneaking in.