Canadian consumer confidence stronger amid surging real estate

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Canadian consumers have expressed strong confidence about the prospects of real estate and the national economy for the fifth straight week, according to the latest edition of the Bloomberg Nanos Canadian Confidence Index.
The jump from 59.5 to 59.9, which covers the week ending August 5, represented the largest week-over-week gain in the index since September 2014, Bloomberg reported.
The survey was conducted via telephone polling (with a rolling 4-week average) of 1,000 respondents, and is statistically accurate within 3.1 percentage points, 19 times out of 20.
“Canadians are optimistic about the outlook for real estate, with 44.2 percent of Canadians saying they expect price gains and 11.1 percent predicting declines. The difference between the two -- at 33.1 percent -- is the widest since October 2014,” the publication stated in its data release.
“The share of Canadians who see a strengthening economy rose to 26.3 percent last week, the highest since May, while those expecting the economy to weaken fell to 21 percent, the lowest since October 2014,” it added.
Canadians have also become more optimistic when it comes to their household wealth.
“On personal finances, 16.8 percent of Canadians said they are better off than they were last year. That’s the highest since January,” Bloomberg noted.
However, “[the] share who believe they are worse off also rose to 22.7 percent, from 21.5 percent previously.”

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