Consumer confidence tumbles in Canada as housing market reverses

Canadian consumer confidence recorded its sharpest weekly decline since the depths of the pandemic, with inflation and a deteriorating outlook for housing weighing on sentiment.

The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on weekly polling, dropped to 54.3 last week, the lowest reading since December 2020. The 1.8-point decline is the largest one-week slump in the index since April 2020.  

The numbers suggest the combination of rising prices, higher rates and the war in Ukraine is starting to weigh on consumers.