News Articles

Canadian Economic Optimism

OTTAWA -- Canadian economic optimism is hitting levels not seen in nearly two years, according to a poll released Monday that suggests an increasing number think the economy will gain ground in the next six months.

According to the Nanos Economic Monitor, a quarterly snapshot of the country's economic mood, Canadians are more confident about the strength of the economy than they were in the spring, with 45% saying they believed the economy would improve in the coming months, up 15 points from May.

"This is the highest level of optimism since November 2007, where the strength rating registered at 49 per cent," said Nik Nanos, president and CEOof Nanos Research.

Optimism is being felt across the country and not just in isolated pockets which might have been sheltered from the global economic downturn, Nanos said.

A rebounding housing market is behind some of that confidence, according to Nanos, with 50% of respondents saying they believe real estate values in their communities will stay the same, while 35% think they will increase in six months, up nine points from May.

Sixty-six per cent of respondents said their jobs are secure or somewhat secure and only 16% said they were worried about losing their income. But 34% said they were worse off financially than a year ago.

Only 15% said they were in a better financial position, and just 29% thought their level of personal debt would decrease in six months.

"Even with the positive forward-looking attitude toward the next six months, Canadians are still more likely to say they are worse off currently then they were a year ago," said Nanos. "This likely reflects a situation where many Canadians are still recovering from the downturn but are bullish, at this time, on the potential for the future."

The telephone survey of 1,003 adults was conducted between Aug. 28 and Sept. 2 and is considered accurate plus or minus 3.1%, 19 times out of 20.

Canwest News Service

Return to News Articles