This is being propped up by mass vaccinations, economic recovery, and a vibrant lending and purchasing market
Canadians’ optimism towards housing has reached a new high amid a resurgent lending and purchasing market, according to a new survey by Nanos Research.
The Bloomberg Nanos Canadian Confidence Index has steadily increased by more than seven points over the past six weeks to end up at 63.7. This was its highest reading since Nanos began its polling in 2008.
For perspective, the pre-pandemic level and approximate historical average was around 56.
Around 62.6% of respondents indicated a belief that the value of real estate in their respective neighbourhoods will increase in half a year.
“Confidence in the increasing future value of residential real estate continues to break records in the Bloomberg-Nanos tracking and drives positive Canadian consumer sentiment up,” said Nik Nanos, chief data scientist. “Forward looking expectations have hit a 10-year high.”
Another 41.8% of respondents are expecting the economy to become stronger over the next six months. This was the highest reading since 2010.
Nanos credited the federal government’s steady roll-out of COVID-19 vaccines and the national economy’s sustained recovery as the main drivers of this positive outlook.
