How has Canadians’ housing and economic confidence been shaping up?

The shifts over the past few weeks have been significant, according to latest polling by market observers.

Canadians’ sentiments towards housing, finances, and the economy have been on a steady downward trend over the last few weeks, according to polling by Bloomberg and Nanos Research.

In the week ending Aug. 27, the Bloomberg-Nanos Canadian Confidence Index stood at 62.63, markedly lower than 64.52 four weeks ago and the 12-month high of 66.42.

“Over the past four weeks, there has been negative pressure on all four elements that comprise the Bloomberg Nanos Index, including value of real estate, job security, personal finances, and perceptions on the future strength of the economy,” said Nik Nanos, chief data scientist at Nanos Research.

The index of positive sentiments towards the housing market was at 51.38, compared to 55.01 both a week ago and four weeks prior. When asked about their expectations of home prices over the next six months, 51.38% of Canadians said that prices will grow during that period, while 11.22% are preparing for declines. Another 34.05% indicated a belief that prices will remain static.

Optimism towards the Canadian economy also declined, with the index at 36.8 versus 38.99 a week ago and 44.17 four weeks prior. When asked about the economy’s prospects in the next half-year, 36.8% said that it will become stronger, while 25.07% said that it will slacken. Another 30.04% said that they are expecting no changes to the economic situation in the next six months.

The index of positive views towards personal finances had a more pronounced decline, dropping to 20.86 from 23.16 a week ago and 24.81 four weeks prior. Canadians reported being less secure about their jobs, as well, with the index falling to 67.47 from 72.17 the previous week and 71.33 four weeks ago.

MBN

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