Chilliwack & District Real Estate Board

British Columbia Consumer Confidence

According to the Conference Board of Canada, consumer confidence in British Columbia rose again in May 2023.

Concerning job prospects over the next six months, the number of respondents expecting stability was up from the previous month, while those expecting better or worse conditions were both down. The gap between respondents expressing pessimism over future employment conditions and those expressing optimism has been closing since the beginning of the year. Most respondents still expect unchanged conditions in the labour market.

Regarding expectations for their household budget over the next six months, the number of respondents expecting worsening conditions rose in 2022 but has pulled back in recent months. There was another increase compared to last month in the number of those who expressed optimism about the future of their consumer household finances and a similar uptick in those who expected conditions to remain the same. Most respondents still expect their financial situation to remain the same.

Sentiment about making major purchases, like a home or a car, remains at subdued levels but is beginning to improve. The number of respondents who thought it was a bad time to make a major purchase moved down in May while those expressing uncertainty or optimism moved up.

Note: Based on 3-month moving averages.

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