Canola/vegetable oils are just not good for you, do some cursory searches.

This is absolute bullshit. Citations please.

I wonder if all this scaremongering comes from the fact that Canola oil is much cheaper than other oils?

Personally in my kitchen I have coconut oil, olive oil, rice bran oil (about as processed as canola, but much better properties), walnut oil (used sparingly, great flavor) and regular butter. On occasion I'll use regular lard, which is actually pretty healthy.

If you're ok using lard I'd highly suggest you try some Schmaltz. Once a month I render a batch of Schmaltz and its fantastic for roasting vegetables and searing. Its extremely cheap to make, the butcher gives me poultry frames for $1/kg. Its a bonus side product of making stock from the frames and simple to clarify given the natural seperation of water/oil.