Consumer confidence is still "marginally positive"
In defiance of market volatility and an elevated-rate environment, Canadians’ sentiments towards the economy and the housing sector remained steadily overall, according to new polling by Bloomberg and Nanos Research.
The Bloomberg-Nanos Canadian Confidence Index, which measures consumers’ financial health and economic expectations on a weekly basis, registered at 52.29 during the week ending June 23. This was a slight decline from the 53.00 level seen four weeks prior, and remained lower than the current 12-month high of 53.12.
“Canadian consumer confidence remains in marginally positive territory,” said Nik Nanos, chief data scientist at Nanos Research. “Of note, the forward looking Bloomberg Nanos Expectations Sub-indice remains in neutral territory.”
The share of Canadians expecting a stronger national economy in the next six months declined from 16.39% four weeks prior to 14.73%. Nearly half (48.07%) are expecting weaker performance, while three in 10 (30.8%) are bracing for economic stagnation during this period.
The proportion of Canadians who believe that their financial situations were better off at present compared to a year ago dropped from 15.77% to 14.76%. Meanwhile, the survey found a widening gap between those who think that they were worse off (45.39%) and those who saw no changes to their finances (38.8%).
On the other hand, the share of respondents expecting an increase in home prices in their neighbourhoods over the next half-year grew from 44.17% four weeks prior to 46.61% last week. Another 35.86% are anticipating steady prices, while just 13.62% are expecting price declines.
