Leger regularly conducts an economic confidence survey that measures Canadians’ current and future confidence in the Canadian economy and household finances. It also explores Canadians’ perspectives on topical economic subjects.
Download our overall economic confidence in July 2024 report to see the key findings at a national level. It includes trending analysis and interprovincial comparisons. Separate reports that dive deeper into the study’s findings in British Columbia and Alberta are available for download at the end of this article.
Highlights from the Economic Confidence Study include…
CONFIDENCE IN THE ECONOMY STAGNATES
- Confidence in the Canadian economy is currently in a holding pattern. 63% of Canadians find that the economy is poor or very poor, a number that has remained unchanged since our last report in January 2024.
HOUSING AND INFLATION TOP TWO IMPORTANT ISSUES
- Housing affordability is now the most important issue for Canadians, with 46% naming it in the top three most important issues. Inflation comes in a close second at 42%, but this is down from 46% in January 2024.
OPTIMISM SUBDUED DUE TO RENT/MORTGAGE INCREASES AND FINANCIAL STRUGGLES
- Confidence in current household finances is still soft. 37% of Canadians think that their household finances are poor or very poor, and 59% of Canadians consider their household finances to be good or very good, similar to January 2024.
- 22% of Canadians anticipate that their household’s finances will decline in the future, while 17% think they will improve, also consistent with January 2024 figures.
- 27% of Canadians expect their discretionary spending to be lower in the next 6 months, a decrease of 5 points since January 2024, indicating some increasing optimism for the future.
- Many Canadians are experiencing higher housing costs and are paying for those increases both by spending less (especially on everyday items, dining out and entertainment) and saving less/ dipping into existing savings. 51% of Canadians have seen their rent or mortgage increase in the past two years. 62% of those experiencing rent or mortgage increases are spending less, while 32% are saving less and 26% had to withdraw from their savings.
Methodology
The results for this wave of research are based on online research conducted from July 12 to 15, 2024, with a representative sample of 2,620 Canadian adults 18 years of age and older from Leger’s LEO panel.
The data was statistically weighted according to 2021 Canadian Census figures.
A margin of error cannot be associated with a non-probability sample in a panel survey, but for comparison purposes, a probability sample of 2,620 would have a margin of error of +/-1.9%, 19 times out of 20.
