Canadians have lost some confidence in real estate according to the latest data from Bloomberg and Nanos Research.
The weekly Canadian Confidence Index weakened to 55.13 this week from 55.94 a week earlier, well below the 61.91 seen at the start of January.
Compared to 4 weeks ago, the sub index tracking confidence in personal finances and job security was higher but the other, tracking the outlook for the economy and real estate prices, was down.
Atlantic Canada was the only region to post an overall gain in confidence but while those with lower sentiment declined by less than one percentage point, there was a near 5-point decline in The Prairies.
“Consumer confidence in the Prairies hit a new 12 month low in the consumer confidence tracking,” said Nanos Research, Chief Data Scientist, Nik Nanos. “Also of note, real estate views showed some softening and positive real estate sentiment is down six percentage points in the past four weeks.”
Overall confidence was lower across most income groups and for both renters and homeowners.