Consumer confidence rises on real estate future

By Steve Randall
More Canadian consumers are expecting a rise in real estate prices in the next 6 months, while overall sentiment in the economy and personal finances is also up.

The weekly Bloomberg/Nanos Canadian Confidence Index was up to 58.22 in the week ending March 10, up from 57.42 a week earlier and setting a new 2017 high.

“Perceptions related to the value of real estate in Canada, which hit a seven month high in the weekly tracking, continue to be one of the top positive drivers of consumer sentiment” said Nanos Research Group Chairman Nik Nanos.

There were increases in positive outlooks for personal finances including mortgages, and the Canadian economy. However, there are still some challenges.

Canadian households are experiencing sluggish wage growth as the economy transitions from a commodity and manufacturing-based economy to one that for now looks to the lower-wage service sector for employment opportunities”, said Bloomberg economist Robert Lawrie.

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