With the Canadian debt-to-income ratio hitting a record high of 163% and average consumer debt of $27,000, it’s no surprise that more Canadians are utilising barter—a 12 billion dollar industry in North America.
The Toronto barter scene, for example, is buzzing as swappers exchange everything under the sun: financial consultations for hotel stays, photography for self-defence classes, graphic design for investment help, a weekend first-aid course for home-baked gluten-free muffins and even fiddleheads for Feng Shui sessions. The creative possibilities are vast and enthusiasm around the concept of swapping—online and offline—is growing quickly.
According to Toronto Life’s “The Money Issue” this “new wave of alternative financial thinking” is driven by the “uncertainties of a cash economy,” and many local success stories have emerged:
- Barter Babes Project: 2010-2011, 300 women bartered
- Swapsity.ca: one of Canada’s largest swapping sites and organiser of Toronto’s biggest swap meets
- Trade School Toronto: bartering for knowledge, model that originated in New York City
- The Gift Circle: inspired by Charles Eisenstein’s book “Sacred Economics”
- Various business-to-business barter networks
The city is witnessing a new wave of consumers and businesses that are more open than ever to swapping stuff and skills, and experimenting with ways to utilise the New Bartering Economy to their advantage. While some are learning the basic rules of bartering, others have fully integrated it into their lifestyle—quickly realising that it makes financial and ecological sense to swap.
“People are financially savvy. They care about how they spend their dollars and many have learned that barter is a great way to get what they need without spending money,” says Shannon Simmons, a Toronto financial advisor and swapper. Shannon uses barter as a budget-friendly lifestyle tool, swapping for 5% of her budget.
It’s all about striking a balance between cash and barter, enabling them to “work in tandem” to satisfy your needs.
What do you think? Does swapping make sense? Have you tried bartering online or participating in local swap meets?
Get the full scoop on Torontonians who barter in Toronto Life’s “Money Issue.”
Image courtesy of Bradley Reinhardt and iStock
Swappocket is an innovative trading platform developed by a Canadian company that allows people to easily barter items.