Have you been thinking of adding a furry friend to your family this year? If so, owning a dog may cost you a lot more than you think.

A new report from HelloSafe, a financial product comparison site, reveals just how expensive it has become to own a dog.

"In the ever-evolving economic landscape of Canada, the financial implications of pet ownership have undergone significant changes," reads the report.

HelloSafe found that the average cost of owning a dog in Canada has risen by 23.3 per cent in three years, from $2,450 in 2021 to $3,020 in 2024.

Depending on the kind of fur baby you own, the average annual expense for a dog can range from $2,595 for smaller breeds of dog to $4,605 for the bigger ones.

"This trend likely reflects broader economic factors such as inflation and an increased demand for pet-related products and services," reads the report.

"Additionally, it suggests a shift towards higher-quality pet care, with owners investing more in their pets' well-being."

HelloSafe says the trend in rising costs has important implications for both current and prospective dog owners, emphasizing the need for careful financial planning in pet care.

The report also breaks down which expenses could break the bank depending on the kind of dog you have.

It says the biggest difference lies in food expenses, with the cost for the biggest dog breeds ($2,640) notably higher than that for the smallest breeds ($525).

"This disparity, primarily due to the larger quantity and potentially different quality of food required for bigger breeds, underscores the importance of food budgeting in pet ownership decisions," reads the report.

The next major expense with a substantial difference in cost is veterinary care.

Regular vet visits for larger breeds cost twice as much ($500) compared to smaller breeds ($250), according to HelloSafe.

"This may be attributed to the more complex healthcare needs of larger breeds, which often require more resources and specialized attention from veterinarians," reads the report.

In addition to the usual dog expenses, the report says Canadians looking into getting a furry companion will need to be prepared for sizeable initial costs.

"In fact, during the first three months after acquiring a dog, numerous investments must be made in equipment, health prevention and other miscellaneous expenses," explained HelloSafe.

The report estimates that if you buy a dog in January 2024, the initial expense is $2,580, with the breakdown of costs below.

With the cost of living crisis, many Canadians are struggling to afford groceries, let alone housing, so it's helpful to take these costs of owning a dog into consideration.