The first weekly Bloomberg/Nanos Canadian Consumer Confidence Index since the election shows that the new federal government has had an immediate effect on sentiment. Robert Lawrie of Bloomberg Economics commented: “There is now the prospect of a fiscal partner to the Bank of Canada’s extremely accommodative monetary policy stance, and that should keep consumer expectations on its uptrend.”
The main index increased from 56.69 in the week to Oct. 16 to a 2015 high of 57.53 for last week. The sub-indexes on personal finances and job security; and the economy and real estate prices also advanced. Those who felt conditions would improve over the next six months made up higher percentages in the real estate and overall economy metric but were slightly lower for personal finances (including mortgages) and job security.
Overall sentiment increased in all provinces, most age groups (18-29 was down slightly) and most income brackets ($0-14,999 was down slightly). Both renters and homeowners were more confident than a week earlier.
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