New poll reveals Canadians' sentiments towards real estate
Canadians’ sentiments towards the likely value of real estate have reached lows not seen since the early months of the pandemic, according to a new poll by Bloomberg and Nanos Research.
With Canadian consumer confidence hovering at generally low levels recently, the Bloomberg-Nanos Canadian Confidence Index registered at 45.33 during the week ending January 20. This was virtually unchanged from the 45.3 reading seen four weeks prior, and remained significantly lower than the 12-month high of 59.88.
“Overall consumer confidence in Canada remains net negative with a score under 50 points in the 100 diffusion index,” said chief data scientist Nik Nanos. “Of note, the proportion of Canadians who believe the value of real estate in their neighbourhood will increase is at a two-year low.”
The share of Canadians expecting an increase in home prices in their neighbourhoods over the next six months registered a marked decline from 22.22% four weeks prior to 20.83% last week. More than two out of five respondents (41.02%) are anticipating steady prices, while 34.21% are preparing themselves for price declines.
More pronounced gloominess was seen in Canadians’ sentiments towards the economy. The proportion of respondents expecting a stronger national economy in the next half-year significantly declined from 12.3% to 11.76%, with more than half (53.62%) bracing for weaker performance and nearly three in 10 (27.68%) believing that the economy will remain stagnant during this period.
