Confidence in home prices weakens

The confidence in rising home prices is weakening, according to new data from Bloomberg and Nanos Research.

The weekly index of consumer confidence showed a declining sentiment in the overall economy and the proportion of those expecting real estate prices to be higher in six months fell to 33.82 per cent in the week ending July 24, from 35.81 per cent a week earlier.

Those expecting lower prices was at 16.63 per cent and those expecting no change was at 45.77 per cent.

Sentiment was lower across most age ranges, provinces and income brackets. Renters and homeowners were both reporting lower confidence in the economy. 

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