Confidence in real estate prices starts the year lower
Canadian homeowners are increasingly pessimistic about real estate prices. The latest Bloomberg Nanos Canadian Confidence Index shows that those who believe prices will be higher in 6 months fell to its lowest level since May 2013 at 31.1 per cent. Last summer the figure was 47 per cent. However the broader figures for the confidence in the economy showed an increase to 55.8 last week compared to 55.1 the week before. Low oil prices are the dominant factor in the negative outlook for the housing market.