IKEA Canada slashing prices on hundreds more products as cost of living soars

If you’re planning on going to IKEA Canada to shop for your new home, expect more savings to come your way.

The Swedish furniture giant has pledged to slash prices on even more items in response to the cost-of-living crisis. On Monday, it announced it’s investing an additional $50 million to reduce prices on more than 550 items.

This is in addition to the $80 million it invested last year to lower prices on more than 1,500 popular products.

“Our products and home furnishing solutions bring joy to people every day and have helped millions to fulfil their dream of a beautiful and affordable home,” said Selwyn Crittendon, CEO and Chief Sustainability Officer at IKEA Canada, in a statement.

“As Canadians continue to be extra cautious about their spending, we remain committed to supporting them with incredible value for money across our range.”

Canadians can save big on more of the store’s offerings, including kitchen ranges, which are 25 per cent cheaper than a year ago.

Other cheaper products include:

• BRIMNES chest of three drawers, now $ 199, previously $249
• VESTERÖY hybrid mattress, Queen-sized, now $399, previously $499
• FRÖSET easy chair, now $99, previously $119
• FÄRGKLAR 18-piece dinnerware set, now $39.99, previously $49.99
• VARDAGEN four-pack 15-ounce glass, now $9.99, previously $11.99

The furniture brand also launched financial services last year, aiming to make home furnishings more accessible and convenient.

It allows Canadians to furnish their homes on financial terms that suit their budget by offering flexible payment options.

This includes using Afterpay to pay for four interest-free installments or PayPlan by RBC.

Last year, the company said lowering prices has been a pillar of the brand’s “Democratic Design” philosophy for the past eight decades.

It added that despite the need to tweak some prices to reflect the business’s increased costs, it is committed to reducing prices where possible to make it more attainable for Canadians to shop there.

This isn’t the only initiative the company is taking to help Canadians with the cost of living crisis.

In April 2024, Canadians applauded IKEA after the company petitioned the government to end taxes on used items.