Nik Nanos’ words were echoed by Bloomberg economist Robert Lawrie who said that consumers appear to be factoring in the “positive wealth effects of the housing market” along with strength in other parts of the economy.
However, Lawrie questioned whether the growth in the economy would translate to higher wages.
The Bloomberg/Nanos Canadian Confidence Index gained again in the week ending March 17, rising to 59.16 from 58.22 a week prior; less than one percentage point below the twelve month high of 59.93.
There was an increase in positive responses in three of the four key areas – real estate values, the economy, and personal finances including mortgages – however there was lower positivity for job security.
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The perception for the value of Canadian real estate has hit a seven month high according to the chairman of Nanos Research Group.