Canadians Cautiously Optimistic About Economic Conditions

More than seven-in-ten Canadians expect to pay more for groceries and gasoline in the next six months.

Vancouver, BC [July 5, 2023] – While most Canadians consider the country’s economic conditions as “bad” or “very bad”, the proportion is lower than it was at the start of the year, a new Research Co. poll has found.

In the online survey of a representative national sample, 56% of Canadians hold negative views when asked about the country’s financial standing, down six points since a similar Research Co. poll conducted in January 2023.

Two-in-five Canadians (41%, +6) consider the country’s current economic conditions as “very good” or “good”.

Only 30% of Albertans (+3) have a positive opinion of Canada’s economy. The proportion is higher in Ontario (41%, +4), British Columbia (42%, +7), Atlantic Canada (also 42%, +13), Saskatchewan and Manitoba (43%, +15) and Quebec (45%, +4).

About a third of Canadians (32%, -12) foresee a decline in the nation’s finances over the next six months. Only 16% (+3) expect an improvement, while 45 (+7) predict no changes.

The survey shows little movement on the question related to personal finances. More than half of Canadians (52%, +1) consider their situation as “very good” or “good”, while 46% (-1) regard it as “poor” or “very poor.”

There is a drop in the proportion of Canadians who have worried “frequently” or “occasionally’ in the last two months about the value of their investments (48%, -4) and the safety of their savings (47%, -5).

Fewer Canadians have been concerned recently about unemployment impacting their household (34%, -3), being able to cover their mortgage or rent payments (also 34%, =) or their employer running into serious financial trouble (27%, -2).

This month, 43% of Canadians (+1) have confidence in Prime Minister Justin Trudeau to do the right thing to help the economy. The numbers are lower for federal Leader of the Opposition Pierre Poilievre (36%, +3) and Governor of the Bank of Canada Tiff Macklem (33%, -1).

“Justin Trudeau gets a higher favourability rating as an economic manager in Ontario (48%), Atlantic Canada (also 48%), Quebec (43%) and British Columbia (also 43%),” says Mario Canseco, President of Research Co. “Pierre Poilievre fares best in Alberta (50%) and Saskatchewan and Manitoba (46%).”

Methodology: Results are based on an online study conducted on June 26 to June 28, 2023, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error—which measures sample variability—is +/- 3.1 percentage points, nineteen times out of twenty.

Find our data tables here and download the press release here. 

For more information on this poll, please contact:

Mario Canseco, President, Research Co.