I sincerely hope that you are part of the 50% of Canadian population that feels financially better off today than prior to recession. The secret? Real estate investment :)
According to Bensimon Byrne’s latest Consumerology Report that examines Canadian’s behaviour and outlook post-recession and finds the housing market is key factor driving economic optimism.
When it comes to what determines their financial outlook, the study reveals the vast majority of Canadians put their eggs in one basket: Real Estate.
The findings point to an obvious question: what’s driving this post-recession optimism? And the answer appears to be the Canadian housing market; with the majority of Canadians (58 per cent) saying their house or condo is worth more than pre-recession.
“This study shows that people are still feeling the effects of the recession hangover but their outlook is improving because of the rising value of their homes,” said Jack Bensimon, President of the Toronto-based advertising agency. “Ultimately, the results show that people’s confidence is highly reliant on a strong housing market. Most Canadians continue to feel the cost-of-living pinch and have not seen improvements in their incomes, job security or growth in their
investments, and yet, because of the increase in the value of their home, their perception of their own net worth is improved.”
When asked about their personal financial situation now compared to pre-recession 49 per cent report their living expenses have increased, only 31 per cent are earning more money, and only 22 per cent report say their investments have increased. Despite these figures, more than half (58 per cent) say their personal finances are better today than they were before the recession and the vast majority (81 per cent) indicate they expect to be doing even better one year from now.
You may view the full report here: