Canadian Consumer Sentiment Hits Another Record on Housing

Canadian consumer confidence rose to a new record last week as vaccine rollouts accelerate across the country and the nation’s housing market booms.

The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on household surveys, jumped last week to its highest reading since polling began in 2008.

The gauge has been soaring in recent weeks as inoculation efforts ramp up. Combined with data showing the economy is on a clear path to recovery, that’s giving Canadians greater confidence.

Canadian Consumer Sentiment Hits Another Record on Housing

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for both the economy and real estate prices. The index has jumped more than seven points in the past six weeks to 63.7. It was hovering at around 56 before the pandemic, which is also about its historical average.

Optimism over housing is at record highs, with 63% of respondents saying the value of real estate in their neighborhood will increase in the next six months.

There’s also growing optimism over the economic outlook. About 42% of Canadians expect the economy to be stronger in the next half year, which is the highest share of respondents for this question since 2010.

©2021 Bloomberg L.P.

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