- Belief in higher home prices boosts consumer confidence in Canada
- Vaccine distribution buoying economic sentiment
Canadian consumers are the most optimistic they’ve been on home value appreciation since 2017. According to the Bloomberg Nanos Canadian Confidence Index, a measure of both financial health and economic expectations, just released, nearly 49.2% of respondents see home prices in Canada climbing over the next six months.
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Three things are pushing consumer confidence levels up…record low interest rates, strong demand for more at-home space and the COVID vaccine rollout. Many believe that these combined three things will push Canadian home prices and sales to record highs this year.
Nik Nanos, chief data scientist with Nanos Research, said, “Consumer confidence in Canada continues to gain strength with news on vaccines. Forward perceptions on both the strength of the economy and the value of residential real estate gained a full +5% in the past four weeks of tracking.”
A more than solid 88.3% of survey respondents said they believed that home prices in their neighborhood would either remain flat or increase over the next six months. Additionally, 23.7% of consumers said they expect the overall economy to be stronger over the next six months.
Consumer sentiment about the Canadian economy and their financial health increased in every one of Canada’s provinces save Quebec due to its strictest containment measures to control/lower virus cases.
Thanks to the Bloomberg Nanos Canadian Confidence Index report.