Canadian consumer confidence is on the rise.
The Bloomberg Nanos Canadian Confidence Index, a composite gauge based on weekly telephone polling, ended 2019 at 56.5, closer to historical averages and up sharply from a November reading of 54.8 that was the lowest in 10 months.
The improvement is being attributed to financial markets that surged at the end of 2019 and sentiment around real estate that jumped to the strongest level since 2017. And the pickup in consumer sentiment suggests the nation’s economy will start 2020 on a strong footing.
Each week, Nanos Research calls 250 Canadians and solicits their views on personal finances, job security and their outlook for both the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 telephone responses.
The latest poll found more Canadians said their personal finances and job security have improved over the past month. Households are also more confident about the value of real estate, with 45% of people predicting that home values will rise. That’s the highest month-end reading for that question since April 2017 and is consistent with a recent rebound in housing markets nationally.
Compared with the start of 2019 a year ago, there is now more certainty around the ratification of the new North American free trade agreement, a relatively more tranquil political environment in Canada than elsewhere and a stabilization of interest rates, according to Nanos Research.
