Based on the recent survey done by Bloomberg and Nanos Research, consumer confidence has gone down, with real estate being the main reason of concern. Week over week, the Canadian Confidence Index went up but was lower than about 58.50 point unlike the number from the week before which was the highest for this year (59.44).
Nanos Research Group Chairman Nik Nanos said; “Recent declines in consumer confidence scores were most likely to be driven by a cooling of real estate sentiment after hitting a high in early May.”
The real estate positive ratings were less than usual, however, the economy in Canada is higher for personal finances together with job security and mortgages. In total, consumers were more in the Prairies and BC, but less in other areas.
The economist of Bloomberg, Robert Lawrie said; “According to a Bloomberg survey, economic analysts are now looking for a 2.4 per cent annual growth rate for the year. And the Bank of Canada also reports an improving outlook, all of which should eventually filter down to the labor market and household.”