January 8, 2024 — Canada’s longest running economic outlook tracking survey finds Canadians’ 2024 financial outlook among the most pessimistic Pollara has recorded over this poll’s 29 year history.
Lower inflation levels in 2023 did nothing to lower economic pessimism, as 82% of Canadians believe the country is in recession – virtually unchanged from last year. Furthermore, Canadians don’t expect 2024 to be any better, with 53% expecting Canada’s economy to worsen and only 15% expecting it to improve.
This pessimism can also be seen when people look at their personal finances. Close to half (46%) of Canadians expect to fall behind financially in 2024, while only 8% expect to get ahead.
This post-COVID economic malaise is being driven by the housing market and high interest rates. When asked to describe their personal finances, renters (65%) and mortgage holders (57%) are significantly more likely to say they are “worried” than homeowners who have paid down their mortgage (37%).
The public’s one ray of hope for 2024 is Canada’s job market. Only 19% of Canadians feel it is likely they or a family member will lose their job this year, the lowest level recorded since 2008.
See the full details in our report and commentary on the study in the Toronto Star.
