On December 1st, 2009, RBC established a new monthly benchmark index- the most comprehensive consumer index in Canada, which described Canadian consumers’ assessment of the economy and their personal financial situation.
The RBC Canadian Consumer Outlook report found that 62% of Canadians expect to see the Canadian economy improve over the next year, whereas only 14% expect it to worsen.
The Index measures Canadians’ perception of current conditions compared to 3 months ago, as well as short term prospects for their personal finances, their job anxiety and a number of other factors.
Looking at one part of the report, interest rates, we see that Canadians are divided on whether interest rates will go up, or stay the same. 52% of Canadians expect to see interest rates rise in the next six months, and 42% of Canadians expect interest rates to stay the same over the same 6 month period.
The RBC Monthly Canadian Consumer Outlook Index was established on December 1st, 2009 and it’s based on the results of an online survey of 1,018 Canadians, ages 18 and over. The survey was conducted between November 9th and 16th, 2009.
From how I see it, rates are bound to rise by the middle of 2010, so rather than concern yourself with what could happen, deal with what you have right now and avoid the “what if” mentality.
You can always prepare for the time when rates increase; however that is a whole other story.
In this report, it noted how consumers are likely to spend less this holiday, the question is, and does this include buying a home.
I anticipate that this month will be a good month, especially since we are comparing to the same period last year where the recession had began to hit deep.
There should not be many surprises this month, especially with the recent outlook from consumers; buying a house can be one of the largest purchases you can make this holiday, so I highly doubt people who want to save money, will be upgrading their lifestyle anytime soon.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
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