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Nearly two in five Canadians believe that: Canada We are currently in a recession.
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Despite economic uncertainty, more Canadians felt in better financial shape in the first quarter of 2024 than they did a year ago compared to the fourth quarter of 2023. Masu.
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Compared to the fourth quarter of 2023, more Canadians plan to wait until interest rates fall before buying or selling a home or property.
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Just a quarter of Canadians feel comfortable with skilled professionals using AI to support their services, but say education is key to acceptance.
Toronto, April 4, 2024 /CNW/ – Canadians continue to feel the looming fear of a potential recession and the strain of high interest rates on their daily spending habits. However, an increasing number of people feel that their financial situation has improved compared to a year ago.
Interest rate cuts continue to be delayed, according to the Dye & Durham Canadian Pulse Report for the first quarter of 2024, which surveyed 1,015 Canadians on economic, technology and real estate trends through the online Angus Reid Forum. More than a quarter of Canadians have expressed their intention to lower interest rates. Wait for borrowing conditions to improve before making a real estate transaction. However, the expected interest rate cuts in the coming months, combined with Canadians' optimism about their financial situation, means that real estate market activity is poised to rapidly expand once interest rates begin to fall. is suggested.
Canadians increasingly divided on confidence in economic outlook for 2024
Almost four in 10 (39%) Canadians say they believe Canada The number of respondents who say they are already in a recession is up from 31% in Q4 2023 and 32% in Q3 2023. However, there has also been a notable increase in optimism about the near-term strength of the economy, with 20% of respondents believing that: Canada Recession is completely avoided, which is a significant increase from just 9% in Q4 2023.
Despite continued concerns about a recession, Canadians are less pessimistic about their personal finances than they were in the fourth quarter of 2023. The number of Canadians is increasing (28%, up from 20%), especially among younger respondents aged 18-34 (36%). While their financial situation is better than a year ago, the number of Canadians who hold the opposite view is decreasing (down 39% from 44%). However, high interest rates continue to have a significant impact on Canadians' spending, from everyday expenses to retirement planning. Respondents covered all categories surveyed, including groceries (87%), gasoline (78%), insurance (auto, 69%, housing, 70%, health, 53%), and rent (58%). We expect spending to increase in Q3 2023 compared to Q3 2023. And next year's retirement savings will be (36%) compared to last year.
“Canadians are increasingly optimistic about their economic prospects and are laying a strong foundation for future economic growth and upside.” martha valance, Chief Operating Officer, Dye & Durham. “Many people are looking forward to lower interest rates in order to re-enter the housing market, and it is clear that the expected rate cuts in late 2024 will stimulate pent-up housing demand. This surge in activity The real estate market will expand rapidly in the second half of 2024, resulting in a recovery in the activity of related professionals such as lawyers and real estate agents. ”
Opportunities for interest rate cuts expected for real estate revitalization
In the first quarter of 2024, the number of Canadians planning to buy or sell a home or property until interest rates fall increased from 21% in the fourth quarter of 2023 to 26%. At the same time, the proportion of Canadians planning to sell their home has also increased. The number of people living in a home and buying a new home remained steady at 12%, but the number of people looking to buy their first home next year increased from 8% in Q3 and Q4 2023 to 2024. It gradually declined to 7% in the first quarter. With a rate cut scheduled for mid-2024 due to the market's general expectations for potential interest rates, Canadians are looking to take advantage of opportunities in the real estate market when interest rates are low.
Canadians' perceptions of overall housing affordability remain consistent, with 87% feeling it is less affordable than a year ago, consistent with the Q3 2023 survey results. We are doing so. Despite this overarching belief, Canadians' willingness to migrate for more affordable housing remains stable at about half. (53%) of respondents said they would consider moving to another city, state, or country for this purpose, up from 50% in Q3 2023.
Canadians are becoming more familiar with generative AI, but need a deeper understanding of its use by skilled service providers
The use of generative AI tools among Canadians continues to grow, with almost half (45%) experimenting with tools such as ChatGPT for personal purposes, and a third (33%) professionally. It is used for the purpose of Additionally, 39% say they have used these tools for both personal and professional needs. This is a notable increase compared to the respective numbers of 36%, 24%, and 27% recorded in Q3 2023, and an increase of approximately 10% across various use cases. However, the frequency of usage has remained relatively stable, with only a small increase (1-4%) in respondents using generation AI tools on a monthly, weekly, or daily basis since Q3 2023. It's just that.
Despite increasing personal experimentation with AI, Canadians say they remain wary of incorporating AI into services provided by skilled service providers. A significant portion of respondents said that professionals in various fields, including doctors (62%), lawyers (61%), mortgage brokers (51%), and insurance brokers (52%), would like to use AI to improve their services. I expressed my displeasure with what I was supporting.
“Although Canadians have much more hands-on exposure to AI, they are still early in the learning curve and are increasingly skeptical about its use in the most critical settings,” he said. david nash, Chief Product Officer, Dye & Durham. “As legal professionals consider how AI can improve their day-to-day services while staying on the right side of regulation, we want to ensure that clients feel comfortable with the benefits that AI can provide in their services. Clear communication and transparent education are paramount.”
Understanding exactly how AI is being used will make average Canadians more comfortable with the deployment of these tools by skilled professionals such as lawyers and notaries. This is the key to. Three in ten (29%) respondents said they would be relieved to know that AI was being used to support legal professionals without completely replacing them, and 28% said they would They said they would be even more relieved if such an integration would significantly reduce costs. guarantee better results/accuracy (26%), have the ability to opt-in or opt-out of AI used to provide the service (25%), and whether the use of AI is clearly explained upfront ( 25%) Other important factors that increase the comfort level.
About the survey
The quarterly Dye & Durham Canadian Pulse Report aims to uncover trends and insights into Canadian sentiment around three key areas: the economy, technology and real estate markets. The findings in the report are the result of research conducted by Dye & Durham. February 28th – March 3rd, 2024 We selected a nationally representative sample of n=1,015 Canadians who are members of the online Angus Reid Forum, with balanced weighting for age, gender, region, and education. For comparison purposes only, the estimated margin of error for a probability sample of this size is +/- 3.1 percentage points 19 out of 20 times. The survey was conducted in both English and French.
About Dai & Durham Limited
Dye & Durham Limited provides best-in-class practice management solutions that provide day-to-day support to legal professionals, provides critical data insights to support important corporate transactions, and is trusted by governments and financial institutions to payment infrastructure. The company has operations in Canada, the United Kingdom, Ireland, Australia and South Africa. For additional information, please visit: www.dyedurham.com.
SOURCE Dye & Durham Limited
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