The latest edition of the Bloomberg Nanos Canada Confidence Index saw optimism about home prices reaching an unprecedented high in Canada.
The survey, which is considered statistically accurate within 3.1 percentage points (19 times out of 20), found that 48.5 per cent of the polled consumers see home prices rising in the next 6 months, the highest ratio since mid-2008. The overall confidence index reached 59.1, the highest since March and surpassing the 12-month average of 57.4.
“Bullish sentiment on real estate in Canada continues to drive consumer confidence,” Nanos Research Group Chairman Nik Nanos said.
Ontario tied with British Columbia for the highest confidence on a per region basis, both at 62.9.
The heightened hopefulness came amid new measures enacted by the Ontario government to moderate red-hot price growth in the Toronto housing market. Last week, Ontario Premier Kathleen Wynne and Finance Minister Charles Sousa introduced a 15 per cent foreign buyers’ tax covering the Greater Toronto Area, and permitted Mayor John Tory to charge a levy on vacant properties.
However, the increased confidence stood in stark contrast to the survey’s results on opinions surrounding personal finances. 28.3 per cent of the respondents stated that they were worse off compared to a year ago, while only 18 per cent saw improvements in their pocketbooks.
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