Canadian consumer confidence hit lowest in 3 years

The weekly barometer of confidence in the economy, real estate prices, and the labour market hit a new 2018 low last week.

The Bloomberg Nanos Canadian Consumer Confidence Index fell to 55.20, down from 55.65 a week earlier, and the lowest point since July 2015.

The poll, taken before the latest NAFTA developments, shows that the largest decline was in the expectations sub-index which tracks confidence in the economy and real estate prices over the next 6 months. The sub-index on job security and personal finances also declined.

“Only twelve per cent of Canadians thought the Canadian economy would be stronger in the next six months, a low that has not been seen since July 2015,” said Nanos Research, Chief Data Scientist, Nik Nanos.

The confidence of homeowners increased slightly though, while renters were less confident; 37.58% thought home prices would be higher in 6 months while 15.87% thought they would be lower. More than 4 in 10 say they will stay the same.

Confidence was lower overall across most age groups, income bands, and regions.

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