Residential Market Commentary – Glimpses of optimism
Things are looking up, a little, as Canadians navigate through the COVID-19 pandemic. The latest measure of confidence delivered by Bloomberg and Nanos Research suggests Canadian consumers are feeling better about the economy, the recovery and home prices. The confidence index has been on a steady rebound, climbing for seven consecutive weeks, since plunging to record lows in April. In the latest survey it stands at 42.86, up nearly 3 points from the previous tally. (The surveys averaged 57 in the year before the pandemic.) The survey suggests Canadians increasingly feel that the worst of the pandemic-induced downturn is over, but the pessimists still outnumber the optimists by more than three-to-one. About 20% of those surveyed feel the economy will be stronger in six months [...]