Thinking about making a major purchase during record high inflation?
Think again.
According to a new Angus Reid poll, three-quarters of Canadians say now is not the time to buy a home or car, to renovate or take a big vacation.
That’s a big increase from two years ago when 56% said the same thing.
In that same time period, the number of Canadians who say it’s a good time to spend on high-dollar items has halved.
The poll shows 28% say they are either barely keeping their finances together, a number that has climbed 10 points since July 2020.
With inflation hitting 8.1% by June, the highest since January 1983, all eyes are on the Bank of Canada.
The survey states 71% polled say they are following the Bank’s actions closely, another 53% say they’re not confident the Bank is doing the right thing and 33% have faith.
The opinion of Conservative MP Pierre Poilievre, who has singled out Bank of Canada governor Tiff Macklem during his leadership campaign, is also reflected in the poll.
Of past CPC voters, only 26% are confident in the Bank’s ability to steer the nation out of this crisis while of past Liberal and Bloc Québécois voters, 47% and 53%, respectively have belief in the Bank.
The online survey was conducted from July 18-20, 2022 among 1,606 Canadian adults with a margin of error of +/- 2 percentage points, 19 times out of 20.
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