Canadians divided over pandemic finances and home buying: Nanos
Canadians who expect a change in their personal finances are more likely to say theirs will get worse until 2022 rather than better, while most Canadians overall think their finances will stay the same , according to a new poll from Nanos Research.
The poll, conducted by Nanos Research and sponsored by CTV News, found that the pandemic has once again become a major problem for Canadians, overtaking debt, jobs and climate change.
Nik Nanos of Nanos Research told CTV News Channel on Saturday that concerns about COVID-19 left the majority of Canadians polled without confidence in the strength of the country’s economy.
“With the growing concern about the Omicron variant, what we are seeing is [a] lack or erosion of confidence in the direction the economy is going, ”Nanos said.
“It feels like two steps forward, two steps back, in the weekly follow-up when we ask Canadians if they think the economy is going to get stronger or weaker, if there is no change in the economy. over the next six months. “
According to Nanos, 19 percent of Canadians believe the economy will get stronger in the next six months, while 45 percent of Canadians think it will weaken and 28 percent think there won’t be. no change.
As to how this directly affects Canadians, the Nanos poll found that most Canadians said they believe their personal finances will not change this year.
Canadians expecting change, however, remain divided over the outcome, with 28% believing their finances will improve and 25% believing their finances will be worse by the end of 2022.
“Canadians were feeling a lot better about the economy in the fall,” Nanos said, attributing the drop in confidence to the rise of the Omicron variant. “Now, with the new variant hitting the streets, so to speak, people are now worried and have a significantly higher level of anxiety about how the economy will now perform in the first half of 2022.”
Nanos told CTV News Channel that this lack of confidence in the economy and in personal finance is impacting certain industries, such as real estate. Nanos said people think the houses will go up in value, but it’s a “double-edged sword.”
It’s good for homeowners and anyone looking to sell, he said, but it’s not so good for those who are renting or looking to buy.
“It goes both ways,” Nanos said. “If you’re a homeowner, you look at these numbers and you’re like, ‘My God, my house is still going up in value. “”
However, he said, Millennials, young Canadians and renters are “probably worried” about the cost of rent and finances to potentially buy a home.
COST OF LIFE
If the cost of living increases in 2022, the Nanos survey found that half of those polled believe Canadians will delay buying a home. The poll reports that three in five younger Canadians (those aged 18 to 34) believe this, compared to about two in five older Canadians (aged 55 and over).
Canadians were also asked about family plans, and the poll found that most said they believe Canadians will continue to have children if the cost of living increases. However, it found that 42 percent of young Canadians were more likely to say people would choose not to have children, compared to 23 percent of Canadians aged 35 to 54 and 26 percent of 55-year-olds. and more.
Meanwhile, older and younger Canadians were also divided over the idea of vacations amid the rising cost of living.
The Nanos poll found that 37 percent of people aged 55 and over were more likely to say Canadians will continue to take vacations, compared to 26 percent of Canadians aged 18 to 34.
Nanos conducted an online hybrid dual-frame RDD (landline and cell-line) hybrid telephone and online survey of 1,005 Canadians, aged 18 and over, between December 22 and 23, as part of the survey. an omnibus survey.
Participants were randomly recruited over the phone using live agents and administered an online survey. The sample included both terrestrial and cell lines from across Canada. The results were statistically verified and weighted by age and sex using the latest census data, and the sample is geographically stratified to be representative of Canada.
People were called at random using random dialing with a maximum of five callbacks. The margin of error for this survey is ± 3.1 percentage points, 19 times out of 20. Graphs may not add to 100 due to rounding.