However, sentiments towards housing have improved over the past four weeks
Canadians’ confidence towards the economy has plummeted, although sentiments towards housing have improved slightly, according to polling by Bloomberg and Nanos Research.
In the week ending Sept. 24, the Bloomberg-Nanos Canadian Confidence Index registered at 60.86 compared to 62.63 four weeks prior. The 12-month high is 66.42.
“The month over month trend for the Bloomberg-Nanos Canadian Confidence Index suggests negative pressure largely driven by dampened views on the future strength of the Canadian economy,” said Nik Nanos, chief data scientist at Nanos research.
The positive outlook index towards the Canadian economy fell from 36.8 to 29.1 in that four-week interval.
When asked about their expectations for the national economy in six months’ time, the share of those bracing for weaker performance (29.92%) edged out those looking forward to a stronger environment (29.06%). Approximately three in 10 Canadians (30.63%) believe that there will be no change in the economic environment by then.
Read more: “Housing as investment” mentality fans the flames of price growth – analysts
However, the measure of optimism towards the real estate market strengthened from 51.4 to 53.3 over the past four weeks, Nanos said. More than half of Canadians (53.28%) are anticipating the value of homes in their respective neighbourhoods to increase in the next six months, while 31.15% are expecting prices to remain static and 11.23% are preparing for price declines.
