7-year high for consumer confidence except home prices

Canadians were more positive about the economy last week but they appear less confident in rising home prices.

The Bloomberg Nanos Canadian Confidence Index hit 61.19, up from 60.45 a week earlier to become the highest reading since the end of May 2010. The sub-indexes on personal finances including mortgages and job security; and the economy and real estate prices; were both higher.

“The outlook on the economy continues to rise, both among households and professional forecasters,” said Bloomberg economist Robert Lawrie. “The sharp rise in household expectations for the economy since June coincides with increases in perceptions of personal finances and job security, all of which should support growth in coming quarters.”

The share of those that expect home prices to be higher in 6 months continues to moderate (37.77% last week compared to 38.35% a week earlier) with the largest share of respondents expecting them to be the same (44.11%). Less than 15% think prices will be lower.

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