The latest edition of the Bloomberg Nanos Canada Confidence Index saw nationwide optimism about home prices reaching a record high amid new measures enacted by the Ontario government to moderate red-hot price growth in the Toronto housing market.
The survey found that 48.5 per cent of Canadians see home prices rising in the next 6 months, the highest level since mid-2008. The overall confidence index reached 59.1, the highest since March and surpassing the 12-month average of 57.4.
“Bullish sentiment on real estate in Canada continues to drive consumer confidence,” Nanos Research Group Chairman Nik Nanos said.
Ontario tied with British Columbia for the highest confidence on a per region basis, both at 62.9.
Last week, Ontario Premier Kathleen Wynne and Finance Minister Charles Sousa introduced a 15 per cent foreign buyers’ tax covering the Greater Toronto Area, and permitted Mayor John Tory to charge a levy on vacant properties.
However, the increased confidence stood in marked contrast to Canadians’ opinions on their own finances. 28.3 per cent of the respondents stated that they were worse off compared to a year ago, while only 18 per cent saw improvements in their pocketbooks.
The survey was conducted via telephone polling (with a rolling 4-week average) of 1,000 respondents, and is considered statistically accurate within 3.1 percentage points, 19 times out of 20.
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