Consumer confidence at a two-year low

The weekly index of Canadian consumer confidence from Bloomberg/Nanos is at a two-year low, down to 52.31 last week from 53.41 a week earlier. The 2015 average is 55.56. 

Robert Lawrie and Peter Savvin from Bloomberg Economics, said: “Projections for the coming recovery have been pushed back a bit more by the Bank of Canada.

"Oil prices are down 52 per cent since a year ago, while the demand for Canadian non-energy exports has not recovered to the extent that the 17 per cent drop in the value of the Canadian dollar (versus the U.S. dollar) might otherwise suggest.”

Positive sentiment was lower in all four metrics; personal finances, job security, the economy, real estate prices.

The proportion who believe that property prices will be higher in six months slipped to 32.31 per cent.

The fall in confidence is widespread across provinces, age groups and income brackets (only those earning $15,000 to $29,999 were more optimistic) while renters showed slightly increased optimism compared to homeowners. 

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