However, expectations for the next six months remain modest
Weekly declines in Canadians’ confidence towards the economy and the housing segment have stalled for the first time in at least two months, according to polling by Bloomberg and Nanos Research.
In the week ending Jan. 21, the Bloomberg-Nanos Canadian Confidence Index registered at 57.76, versus the 56.98 the week immediately prior. However, this was still markedly lower than the 58.48 level four weeks prior, and the 12-month high of 66.42.
“After continued incremental erosion in consumer confidence, this week the decline abated for the first time since November 2021,” said Nik Nanos, chief data scientist at Nanos Research.
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The share of Canadians expecting a stronger national economy in six months’ time slightly improved, increasing on a weekly basis from 17.1% to 17.83%. Another 44.07% are bracing for weaker performance, while 32.03% are anticipating no change over that time frame.
The proportion of respondents expecting an increase in home prices in their neighbourhoods over the next half-year also ticked up from 62.47% to 62.55%. Meanwhile, 28.1% are expecting static prices and 5.94% are bracing for price declines.
