Canadian consumer confidence surged to the highest in more than three years amid rising optimism over the outlook for real estate and the economy, reports Bloomberg.
The Bloomberg Nanos Confidence Index climbed to 60.0 in the week ended April 18 from 59.0 the previous period, the highest level since March 2011. Declines in measures of job security and personal finances tempered the gain.
Buyers are returning to Canada's real-estate market after one of the harshest winters in decades. Existing home sales rose at their fastest pace in seven months in March, led by transactions in Alberta, the Canadian Real Estate Association reported last week.
"The one-week gain was largely fuelled by more positive perceptions on the projected future strength of the Canadian economy and the value of real estate," said Nanos Research Group chairman Nik Nanos. "Both of these measures were up about three percentage points in one week."
Optimism about housing reached a two-year high, with the share of respondents who see higher property values over the next six months climbing to 42.2, the highest since March 2012, according to the Nanos report.
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