A weekly barometer of Canadian consumer sentiment edged higher last week but the quarterly forward-looking trend is down.

Bloomberg Nanos Canadian Confidence Index started the year at 61.91 (Jan 5) but hit a 2018 low of 56.19 on March 23. It has recovered over the past month to read 58.04 for the week ended May 4th.

The quarterly trend for the forward-looking expectations index shows a decline in confidence.

“The Bloomberg Nanos Expectations Sub-indice was down about three points over the past quarter,” said Nanos Research Group Chairman Nik Nanos. “The downward trajectory was largely driven by individuals in Canada’s two western-most regions – British Columbia and the Prairies who have coincidentally been locked in a dispute over the Kinder Morgan Trans Mountain Expansion pipeline project.”

The measure of personal finances including mortgages, and job security, edged lower last week.

However, the share of respondents who believe real estate prices will be higher in six months increased to 43.16% from 43.10% a week earlier.

Overall, homeowners were more confident than renters in the latest poll.

 

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