Confidence flying high in Canada

It’s a day of celebration in Canada and especially in the real estate market, according to a new report.

After a long winter and tumultuous few years, confidence amongst buyers and sellers in real estate is at a five year-high.

Optimism about real estate surged has surged in the last month, with buyers finally awakening after a long and slow winter.

The Bloomberg Nanos Canadian Confidence Index climbed to 59.2 for the week ended June 27, from 58.5 in the prior period. The percentage of respondents who believe home values in their neighborhood will increase in the next six months rose to 44.1, the highest since the fourth quarter of 2009.

Optimism about personal finances and the economy also increased, according to the survey-based index.

“Looking at the key drivers of consumer sentiment over the past six years, it is clear that positive views of real estate is a key factor in Canadian consumer confidence,” said Nik Nanos, chairman of Ottawa-based polling firm Nanos Research Group.

Job security, however, for some is still uneasy. The proportion who say they feel at least somewhat secure about their jobs dropped to 68.8 percent, the lowest since May 30, from 69.2 percent.