A new poll finds that many Canadians are shying away from large purchases amid a “summer of sticker shock” that has seen interest rates rise and inflation send prices soaring for everyday items.
Three quarters of Canadians now say that it’s a bad time to make a major purchase, such as a home, car, or expensive vacation, according to the poll conducted by the Angus Reid Institute. Just 15 per cent said it was a good time and 10 per cent weren’t sure.
While consumer confidence is down across the country, the poll found that it was highest in Ontario and British Columbia, where respectively 17 per cent and 18 per cent of respondents said they expect the next 12 months to be a good time to make a major purchase. That compares to eight per cent in Saskatchewan and 11 per cent in Atlantic Canada.
Some 28 per cent of Canadians now describe their personal financial situation as being in bad or terrible shape, while 72 per cent say it is in good or great shape. That compares to 20 per cent who said their financial situation was bad or terrible in July 2020 and 80 per cent who said it was good or great that same year.
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