Canadian Survey of Consumer Expectations: Third Quarter 2024

Overall, most consumers expect to spend more on essential purchases and housing costs in the coming year, while fewer expect to increase their spending on discretionary items such as restaurant meals, entertainment and vacations. During follow-up interviews, many consumers mentioned ways to adjust their consumption, such as reducing spending or postponing purchases of high-value items. One respondent said, “You don’t want to make so many of these big purchases just because you don’t know how secure your job is. Anything could really change. We just save more, spend less.”

While consumers expect interest rates to remain high, housing market indicators remain close to survey averages (Chart 7). Compared to last quarter, fewer consumers this quarter plan to move or sell, while intentions to buy a home remain unchanged at survey average levels. Newcomers continue to report stronger intentions to buy a home in the next year than other consumers.