Mortgage Lending News: Vacation Plans on Hold as Inflation Hits Canadian Consumers: RBC Canadian Consumer Outlook Index

VANCOUVER, BC (July 20, 2011) Dominion Lending Centres Clearlease Canadians are delaying vacation plans, shopping around for groceries, following their budget more closely and holding onto their older vehicles, thanks to rising gas and food prices that are stretching household budgets across the country, according to quarterly findings released today from the RBC Canadian Consumer Outlook Index (RBC CCO).

With gas prices rising 29.5 per cent in May alone (the biggest jump since September 2005) and food prices climbing 4.2 per cent in the same month, Canadian consumers are responding in very practical ways, listing as their top three solutions:

increasing their comparison shopping for food (55 per cent)
following their budget more than before and buying less on impulse (48 per cent)
using their vehicles less, making fewer trips and using public transit/walking more (29 per cent).

Changing economic factors are also weighing heavily on vacation planning and new vehicle purchases. Almost one-third (30 per cent) of Canadians report that they are more likely to delay vacation plans until 2012 and an almost equal number (31 per cent) are delaying getting a new vehicle and making do with their present one longer than usual.

At the same time, Canadians estimate that they are carrying an average of $13,058 in personal debt (not including mortgages). In addition, fewer feel confident they are managing all their debts well, compared to the previous quarter (30 per cent versus 38 per cent). Reducing what they owe (32 per cent) tops the list of personal financial measures Canadians are planning this year, followed by spending less (28 per cent) and saving or investing more (24 per cent), while 21 per cent say they will be taking all of these actions.

“Canadians are continuing to focus on managing their debts – a very good sign as we enter the second half of the year,” said Richard Goyder, vice-president, Personal Lending, RBC. “It’s encouraging to see consumers are trying to live within their means and seeking out very practical ways to not only pay their bills but also to save and invest. Personal financial advice can be an excellent source of ideas to help ensure Canadians carry out these very good financial intentions.”

Four-in-ten Canadians (39 per cent) expect their personal financial situation to improve over the next year, while a similar number (42 per cent) are optimistic that the national economy will improve over the same time period.

The most recent RBC Economic Outlook from RBC Economics also is projecting positive growth right through 2012.

“Overall, we’re forecasting that the Canadian economy will grow at a respectable clip over the next two years,” said Craig Wright, senior vice-president and chief economist, RBC. “Supported by the continued economic recovery being projected for the U.S., we expect Canada’s economy to expand by 3.2 per cent in 2011 and 3.1 per cent in 2012.”

The RBC CCO is Canada’s most comprehensive consumer assessment of the economy, personal financial situation and economic and purchasing expectations. Other highlights from the RBC CCO include:

RBC Canadian Consumer Outlook Index: Overall, the RBC CCO Index is at 94 points, down two points from April 2011.

National Economic Outlook by Region: Albertans are the most optimistic that the Canadian economy will improve over the next year (59 per cent), followed by residents of Saskatchewan/Manitoba (46 per cent), B.C. (46 per cent), Ontario (44 per cent), Atlantic Canada (41 per cent) and Quebec (27 per cent). Nationally, 42 per cent of Canadians expect to see improvements in the national economy over the upcoming year.

Personal Financial Situation Outlook by Region: Alberta and Saskatchewan/Manitoba lead the country in optimism that their own personal financial situation will improve over the next year (47 per cent and 41 per cent respectively), followed by B.C. and Ontario (38 per cent each), Atlantic Canada (37 per cent) and Quebec (36 per cent). Across Canada, 39 per cent expect to see improvements in their own personal financial situation.

Job Anxiety Outlook by Region: At 27 per cent, residents of Ontario are expressing the most concern about the outlook for job loss or layoffs in the upcoming year, followed by people living in Alberta (20 per cent), Atlantic Canada, Quebec and B.C. (18 per cent each) and Saskatchewan/Manitoba (16 per cent). Nationally, 22 per cent of Canadians are expressing job anxiety.

Clearlease Equipment Lease Financing, Commercial Financing Mortgage Refinance Mortgage Auto Lease, Vendor Program – Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Video Link: http://youtu.be/fROP17iUSEg

For more information please visit us at: http://clearlease.com/mortgage-info.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Vancouver mortgage, mortgage broker, mortgage calculators Canada, mortgages refinancing, Vancouver mortgage broker, Vancouver mortgage brokers, bc mortgage brokers, bc mortgage broker, Vancouver mortgage broker rates, Vancouver mortgage rates, 604, 604 mortgage broker, bc mortgage rates, mortgage broker in Vancouver, first time buyer, financing home Vancouver, purchasing house mortgages Vancouver, mortgage broker Vancouver, Vancouver bc mortgage broker, Vancouver bc mortgage, Vancouver mortgage rates.

Vancouver mortgage, interest rates canada, mortgage broker, mortgage calculators Canada, first time buyers, mortgages refinancing, poor credit history

Vancouver mortgage broker, Vancouver mortgage brokers, bc mortgage brokers, bc mortgage broker, Vancouver mortgage broker rates, Vancouver mortgage rates, 604, 604, 778 mortgage broker, bc mortgage rates, mortgage broker in Vancouver, first time buyer, financing home Vancouver, purchasing house mortgages Vancouver, mortgage broker Vancouver, Vancouver bc mortgage broker, Vancouver bc mortgage, Vancouver mortgage rates

Vancouver, British Columbia, Canada, BC, BC Lower Mainland, mortgage broker, mortgage consultant, mortgage financing, BC home mortgages, best mortgage rates, financial services, first time home buyer, refinance mortgage, mortgage loan, home improvement loan, mortgage refinancing, home renovations, debt consolidation.

Dominion Lending Centres Service Areas Include: British Columbia, Abbotsford, Armstrong, Burnaby, Campbell River, Castlegar, Chilliwack, Colwood, Coquitlam, Courtenay, Cranbrook, Dawson Creek, Duncan, Enderby, Fernie, Fort St. John, Grand Forks, Greenwood, Kamloops, Kelowna, Kimberley, Kitimat, Langford, Langley, Merritt, Nanaimo, Nelson, New Westminster, Metro Vancouver, North Vancouver, Parksville, Penticton, Pitt Meadows, Port Albern, Port Coquitlam, Vancouver, Port Moody, Powell River, Prince George, Prince Rupert, Quesnel, Revelstoke, Richmond, Vancouver, Rossland, Salmon Arm, Surrey, Terrace, Trail, Vancouver, Vernon, Victoria, White Rock, Williams Lake.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###