Amid global economic uncertainty and lingering fears of recession, Canadians are — unsurprisingly — reporting near-record-low optimism about the economy. BNNBloomberg | niknanos | Cdnpoli Canada inflation interestrates
, Canadians are — unsurprisingly — reporting low hopes about the economy., which showed that Canadian consumer confidence has been sinking for five consecutive weeks, following a mini-rebound in August. In fact, consumer confidence is lower than it has been outside of a low point during the height of the pandemic and the last two economic crises in 2008 and 2009.
A “sharply deteriorating outlook for the nation’s housing market” is one of the major drivers of consumer pessimism. According to Nanos-Bloomberg’s polling, 37% of consumers are expecting home prices to decline in the next six months, while 26% are anticipating an increase. The 11-point differential is the largest it has historically been with the exception of the early weeks of the pandemic and global financial crises.
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