The Canadian Survey of Consumer Expectations from the Bank of Canada says, with the number of COVID 19 cases growing quickly, Canadians are more concerned about health risks than they were in the previous survey. The survey covers the fourth quarter of 2020. It found that consumers reported that they are taking more precautions but are adapting to ongoing restrictions.

Overall, the report indicates the economic recovery is expected to be slow and uneven, with possible long-term effects on the labour market. But, there is growing optimism, as more people expect that life will eventually return to normal.

Consumers’ expectations for spending growth ticked up in the fourth quarter, while expectations for household income growth were unchanged. The survey indicates that the pandemic is pushing buyers to prefer larger homes and those outside of city centres.