Canadian economic optimism at two-year high: poll

Canadian economic optimism has surged to levels not seen in nearly two years, according to a new poll conducted by Nanos Research.

The poll results indicate that an increasing number think the economy will gain ground in the next six months, with 45 per cent saying they believed the economy would improve in the coming months – an increase of 15 points from a similar poll taken in May 2009.

“This is the highest level of optimism since November 2007, where the strength rating registered at 49 per cent,” said Nik Nanos, president and CEO of Toronto-based Nanos Research.

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

But while 66 per cent of respondents said their jobs are secure or somewhat secure, 34 per cent said they were worse off financially than a year ago. “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,” Nanos said. “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.”