Vancouver Island Real Estate Board

British Columbia Consumer Confidence

According to the Conference Board of Canada, consumer confidence in British Columbia posted a small rebound but remained at historically subdued levels in May 2020.

When asked about job prospects over the next six months, the number of respondents expressing pessimism remained historically elevated. The number of respondents expecting deterioration in the labour market exceeds those expecting stability for the first time since the previous recession.

More consumers expect their household budget will remain stable over the next six months compared to the number of those expecting deterioration. This marks a sharp reversal from a month earlier during the initial onset of the COVID-19 pandemic.

Sentiment about making major purchases, like a home or a car, remained at the lowest levels on record. The percentage of overall consumers who thought it was a bad time to make a major purchase skyrocketed in April as the percentage of those who were uncertain or thought it was a good time for major purchases moved sharply in the opposite direction.