Canadian household confidence increases

Canadian consumers have a revitalized housing confidence as the housing market improves. According to the Bloomberg Nanos Canadian Confidence, Index increased to 56.2 from 55.6 since the largest increase in October.

Although there had been a higher increase in August of 59.9, there had been a stable decrease since then.

In a survey done to determine consumers confidence, 37.4% was hopeful that there would be higher real estate prices while 35.9% were also optimistic about increase in prices. These figures also proved that there were lower numbers of people hopeful of lower prices.

Since September, there were a higher number of respondents hoping for an increase in the economy, nonetheless, since April, there were a higher number of respondents that expected a decline in the economy.

These findings are also similar to the observation made by the Bank of Canada Governor Stephen Poloz who believes that the international economy growth still remains stables.

The decrease in oil prices have led to a slower growth in investments and exports whereas there has been increase in consumer finances as a result of the Prime Minister Justin Trudeau’s family tax.

But presently, Canadian are in doubt about their stands in regards to housing prices.  However the report about the ratio of consumer debt to disposable income will be released on Tuesday.

According to findings in recent polling, many Canadians are cynical about their personal finances regardless of Trudeau’s tax cuts.

There was also a drop in job security confidence as 45.7% respondents claimed that their positions were secured which was a drop from the 46.1% previously.

Alberta residences are also experiencing a drop in confidence levels as oil prices continue to vary.  Many oil workers are now faced with unemployment.