Photo: Mario Bollini/Flickr
Consumer confidence among Canadians continues to rise according to the latest research from the Bloomberg Nanos Canadian Confidence Index (BNCCI), a composite measure of financial health and economic expectations.
In light of brightening views on the future strength of the economy and the real estate market, the weekly index rose by a full point for the second week in a row, hitting 60.00 at the end of April 18th, compared to the previous week’s score of 59.04.
While that might not sound impressive, the last time the BNCCI reached 60.00 was in 2011: Mark Carney was still the Governor of the Bank of Canada, the Arab Spring was in full force and Game of Thrones debuted its first season.
“The one week gain was largely fuelled by more positive perceptions on the projected future strength of the Canadian economy and the value of real estate,” said Nanos Research Group Chairman Nik Nanos in the report. “Both of these measures were up about three percentage points in one week.”
Thus far, the index average for 2014 has been 58.18. The best full year average recorded was 59.13 in 2010, while the worst full year average was 49.21 in 2008.
For the individual measures, positive ratings for the Canadian economy were at 25.75, up from 22.80 the week before (the average for 2014 so far has been 19.54). In terms of real estate, positive ratings were also trending upwards, from 39.84 last week to 42.22 the week ending April 18th and up from the 2014 average of 35.64.
But who’s feeling the most confident in the country? Unsurprisingly, it’s Prairie residents that scored the highest, with the economic mood measure sitting at 67.20. Their 12-month average was also the highest at 62.77.
Last week, Ontario scored 60.40, just barely edging out British Columbia at 60.20. These regions were followed by Quebec at 57.47 and Atlantic Canada at 50.66.
Demographically, it’s the young folks that were the most confident, with the economic mood measure reaching 63.53. One year ago, it sat at 51.32. Another age group that saw a spike was the 40 to 49 set, whose 61.79 measure was about 14 points above their confidence levels in April 2013.