Concern over the sustainability of real estate prices is weighing on the confidence of Canadian consumers, even though the labour market and other economic metrics are showing growth.

The Bloomberg/Nanos Canadian Confidence Index slipped to 55.60 last week, down from 55.82 a week earlier and well below the 12-month high of 59.93.

The sub-index on job security and personal finances including mortgages was flat while the sub-index on the economy and real estate prices slipped to 52.92 from 53.36 a week earlier.

“Forward looking consumer confidence slid and perceptions of real estate increasing have hit an eight-month low with particular impact in the province of British Columbia,” said Nanos Research Group Chairman Nik Nanos.

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