Renewed Real Estate Concern Crimps Canadian Consumer Confidence

Canadian consumer confidence pared recent gains amid waning conviction that a rebound in real estate prices will be sustained, weekly polling shows.

The Bloomberg Nanos Canadian Confidence Index -- a composite measure based on consumer polling -- fell to 56.3 last week, from 56.8 a week earlier. The weekly index has been trending higher since the end of February, when it reached an almost two-year low.

The share of Canadians predicting higher home prices over the next six months fell to 33.5 percent, the third weekly decline after the gauge rose to a 2015 high last month of 38.5 percent.

The recent slump may suggest growing worries that a bounce in housing fueled by the Bank of Canada’s rate cut in January will peter out, a situation being aggravated by overbuilding in some markets like Toronto and the possibility borrowing costs may be poised to rise again.

Every week, Nanos Research asks Canadians for their views on personal finance, job security, the outlook for the economy and where real estate prices are headed. This is what the survey data, which is compiled for Bloomberg News, captured for the week through May 15:

* The share of Canadians who expect the economy will weaken in the next six months fell to 28.1 percent, the lowest since December and down from as high as 47 percent in February. Predictions of a stronger economy dipped to 17.8 percent last week, from 18 percent. The difference between pessimists and optimists -- at 10.3 percentage points -- is the narrowest since January.

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