Consumer confidence in Canada surged to a new record last week as vaccine adoption accelerates across the country and the country’s housing market booms.
Canada’s Bloomberg Nanos Confidence Index, which measures sentiment based on household surveys, jumped last week to its highest value since the poll began in 2008.
This rate has skyrocketed in recent weeks as vaccination efforts have escalated. Combined with data showing that the economy is on a clear path to recovery, this gives Canadians more confidence.
Each week, Nanos Research surveys 250 Canadians about their views on personal finance, job security, and economic outlook and property prices. The index has jumped more than seven points in the past six weeks to 63.7. Before the pandemic, it hovered around 56, which is also in line with its historical average.
Housing optimism is at an all-time high, with 63% of respondents saying property values in their area will rise in the next six months.
In addition, there is growing optimism about the economic outlook. About 42% of Canadians expect the economy to be stronger in the next half, the highest proportion of respondents on this issue since 2010.
Information and analytical department of TeleTrade
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