Consumers Re-evaluate Risk
by Maggie Chandler on August 28, 2008
in Uncategorized
Considering everything, would you say that your family is better or worse off financially than six months ago? This is the first question the Conference Board of Canada asks in its survey of consumer confidence. With gas prices at $1.50 a litre in many communities, who could provide a positive response? Rising fuel prices hit home fast. They have an immediate and negative impact on household finances. This report was published by BCREA’s Chief Economist – Cameron Muir
More than 2000 Canadian households participate in the monthly survey, which forms the foundation of the Consumer Confidence Index. In late June the index for British Columbia fell below 100 for the first time in five years, to 94.3. The index for Canada was worse, falling to a 13 year low of 79.6. Just 32.6% of those surveyed said now was a good time to make a major purchase, more than half (54.9%) said now is not a good time to make a major purchase.
The silver lining, said Muir, or “should I say green lining” is that energy efficiency and the related savings are now top of mind for consumers. The longer fuel prices remain high, the more incentive there is to adopt new technologies and reform our reliance on fossil fuels. It may make more sense than ever to live near your work or find a job close to home. Retrofitting your home for energy efficiency is now a more prudent investment.
Consumers will re-evaluate risk. the financial markets have don’t it. The Federal Gov’t shelved 40 year mortgages. So it shouldn’t be a surprise that many consumers say now is not a good time to make a major purchase.
Confidence and risk go hand in hand, says Muir. Households are now reassessing their budgets. They’re taking a hard look at short term expenditures and long term plans. Let’s give them some time to do just that. Visit Conference Board of Canada’s website
Retrofitting your home instead of buying a new one? Reassessing your budget and taking higher energy prices into consideration? Does that impact your home buying decision?
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