Vaccine rollout drives Canada's consumer confidence to highest in over a decade

The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on household surveys, jumped last week to 62.7. That’s the highest reading since the end of 2009, when polling was done quarterly.

Canadian consumer confidence rose to its highest in more than a decade as vaccine rollouts accelerate across the country.

Inoculation efforts have ramped up in recent weeks with the government authorizing additional vaccine manufacturers and procuring more doses. (AP file photo)

The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on household surveys, jumped last week to 62.7. That’s the highest reading since the end of 2009, when polling was done quarterly. It’s the highest since weekly polling began in 2013.

Inoculation efforts have ramped up in recent weeks with the government authorizing additional vaccine manufacturers and procuring more doses. Virus restrictions imposed during the holidays have also eased, allowing businesses to reopen. Combined with data showing the economy is on a clear path to recovery, that’s giving Canadians greater confidence.

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for both the economy and real estate prices. The index has jumped more than six points in the past four weeks, the second largely four-week gain on record.The gauge was hovering at around 56 before the pandemic.

The increase is being driven in part by growing optimism over the economic outlook. About 38% of Canadians expect the economy to be stronger in the next half year, which is the highest share of respondents for this question since 2010.

Optimism over housing is at record highs, with 58% of respondents saying the value of real estate in their neighborhood will increase in the next six months.

Gains in confidence were recorded across all regions. British Columbia posted the biggest increase last week.