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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





7 August 2019

Canadian consumer confidence improves supported by real estate market recovery

Rebounding activity at the national real estate market supports consumer optimism.

According to Bloomberg, Canadian Confidence Index (based on weekly phone surveys of households) went up from 58.3 at the end of June to 58.6 last week. The indicator is supported by a stronger economic growth, lower borrowing costs and weaker concern over a housing correction.

The share of respondents expecting home prices increase during the next 6 months rose to 43.2% at the end of July, marking the highest month-end level since December 2017, before the new mortgage rules were introduced. Later, the stricter regulations and growing borrowing costs led to a drop in national housing sales.

However, the market is recovering, pushed by stronger economic growth and lower borrowing costs. Last month, Toronto and Vancouver reported a 24% sales increase each. Housing starts were also up in June, with multiple-family dwellings leading the way.

It’s a significant shift for Canadian consumer confidence, which has been almost flat for more than a year until May.

Here are some of the interesting findings from the report:

  • Canadians are less pessimistic about the economic forecast. The gap between pessimists and optimists went down from 7% in June to 6.2% last month.
  • The largest confidence gains were seen in Ontario and British Columbia, while Quebec and the prairie provinces showed decreases.
  • About 69% of respondents feel secure or somewhat secure about their jobs.
  • 43.3% of the respondents predict higher housing prices. The last time we’ve seen such results was in May 2017.

 

 

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