Recent polling conducted by Bloomberg and Nanos Research indicates a significant improvement in Canadians’ outlook towards the housing market over the next six months. According to the data, Canadian consumer confidence remains in positive territory, with a notable increase in the proportion of individuals who believe that the value of real estate will rise. In the past four weeks alone, this sentiment has seen a 10-percentage-point surge.

The Bloomberg Nanos Canadian Confidence Index, which measures overall consumer confidence, stood at 52.65 for the week ending May 19. This figure represents a marked increase from the reading of 50.42 observed four weeks earlier and brings the index closer to the current 12-month high of 53.15.

Despite the impact of higher interest rates and elevated inflation levels, the survey reveals a significant rise in the number of Canadians anticipating an increase in home prices within their neighborhoods over the next six months. This figure has jumped from 33.43% four weeks ago to 43.31%. Additionally, 37.62% of respondents expect prices to remain steady, while only 15.74% are preparing for price declines.

In terms of the national economy, there has been a modest increase in the proportion of respondents expecting a stronger performance in the next six months, rising from 15.41% to 16.24% during the four-week period. However, a considerable portion of Canadians (44.32%) remain cautious, anticipating weaker economic performance. Furthermore, 33.71% believe that the economy will remain stagnant over the specified period.

These findings suggest a more optimistic outlook among Canadians regarding the housing market and the overall state of the economy in the coming months.