Chilliwack & District Real Estate Board

British Columbia Consumer Confidence

According to the Conference Board of Canada, consumer confidence in British Columbia rose in March 2023 but remained at one of the lowest levels on record.

Concerning job prospects over the next six months, the number of respondents expressing pessimism fell at the expense of more respondents expressing optimism about the short-term future of employment prospects. The gap between respondents expressing pessimism over future employment conditions and those expressing optimism has widened in recent months but looks to be closing. 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 an 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.

Sentiment about making major purchases, like a home or a car, remains at historically subdued levels. The number of respondents who thought it was a bad time to make a major purchase rolled over in March while those expressing uncertainty ticked up.

Note: Based on 3-month moving averages.

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