Canadians are the most pessimistic they’ve been in 12 months

Canadians are the most pessimistic they’ve been in 12 months

Canadians are the most pessimistic they’ve been in 12 months

Consumer confidence among Canadians has reached a 12-month low, with grimmer expectations surrounding the economy and real estate prices, according to the latest poll conducted by Nanos Research Group for Bloomberg.

As of this week, the Bloomberg Nanos Canadian Confidence Index registered at 53.62, compared to the 57.64 just 4 weeks ago. The 12-month high is currently at 62.17, while the 10-year average is at 56.96 (highest at 62.92 in December 2009, lowest at 43.28 in December 2008).

The Bloomberg Nanos Expectations sub-index, which measures Canadians’ outlook towards economic health and housing prices, fell to 48.42 this week (compared to 54.65 four weeks ago).

Read more: High-cost debt to bring additional pain to an already burdened public

Meanwhile, the Bloomberg Nanos Pocketbook Index concerning personal finances and job security shrank to 58.81 this week (compared to 60.64 four weeks ago).

“Of note, the proportion of Canadians who think that the value of real estate in their neighbourhood will increase has hit a 2-year low,” Nanos Research chief data scientist Nik Nanos said. “Likewise, the percentage of Canadians who report that they are not financially better off than a year ago hit a 1-year low.”

 

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