Residential Market Commentary - week of November 7, 2016

Nov 7, 2016, 14:49 PM by Joelle Park

Consumer confidence in Canada has taken a nasty hit.

The latest measure by the Conference Board of Canada shows overall consumer confidence dropped more than 6 points last month for a reading of 96.7.  It is the biggest drop since January.

Slow growth in the economy, employment and wages appear to be weighing on Canadians.  Most respondents to the October survey said their household financial situation had worsened over the past six months and their outlook for the future had become dimmer.  They also indicated they are unlikely to be making big purchases, such a car or a home.

Confidence fell furthest in Alberta dropping more than 15 points.  Manitoba and Saskatchewan saw declines of nearly 10 points.  Quebec fell by 9 and B.C. dropped 8.7.  Ontario was flat, with a 0.5 point drop, while Atlantic Canada saw consumer confidence increase by 10 points.