Vancouver Island Real Estate Board

British Columbia Consumer Confidence

According to the Conference Board of Canada, consumer confidence in British Columbia was little changed in January 2023 but remained at one of the lowest levels on record.

Concerning job prospects over the next six months, the number of respondents expressing stability continued to fall at the expense of more respondents expecting the short-term future of employment prospects to decline. The gap between respondents expressing pessimism over future employment conditions and those expressing optimism continues to widen.

Regarding expectations for their household budget over the next six months, the number of respondents expecting worsening conditions has pulled back slightly in recent months but remains elevated. There was an increase compared to last month in the number of those who were uncertain about the future of their consumer household finances.

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 continued to rise in January while those expressing optimism trended even lower.

Note: Based on 3-month moving averages.


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