The Conservatives are leading over the Liberals, while Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre are competing for the preferred Prime Minister position, according to the weekly tracking from Nanos Research.

The latest Nanos figures showed the Conservatives ahead of the Liberals by 33.1 percent to 29.7 percent, respectively. The New Democratic Party's share was 21.7 percent.

This is a narrower gap than earlier in the month when the Conservatives reached 36.6 percent compared to the Liberals' 27.2 percent. However, it continues the trend of the Liberals sliding to second place behind the Conservatives since February.

Nick Nanos, polling analyst at CTV News and Chief Data Scientist at Nanos Research, said, "We are now seeing a trend that has held for several months where the Conservatives have a notable advantage beyond the margin of error."

Nanos told CTVNews.ca, "I think for the Liberals, they need to figure out how to disrupt this trend line because if it holds, it will be a very tough year for them."

Nanos also added that he attributes the Conservative's lead largely to "economic anxiety," as more people feel the pressure of the cost-of-living crisis and are voting on pocketbook issues.

What matters to Canadians?

Jobs, the economy, inflation, and housing costs rank among the top five issues concerning Canadians, according to the latest weekly releases from Nanos Research.

However, the key pressing issue currently is the environment, which Nanos said is making him watch the polling numbers in the wildfire-devastated province of British Columbia closely.

Nanos stated, "What we are seeing is a focus on economic issues, the meat-and-potatoes issues, inflation, rising costs of living, jobs, and the economy, all of these issues are on the rise."

He also added, "However, the environment as an issue is rising, as many Canadians have had to deal with extreme weather events, as well as wildfires across the country." "So think of Canadians as feeling cross-pressured, but more pocketbook-related issues are top priorities for Canadians as they struggle to pay for groceries and rent."

The polling organizer is closely monitoring the numbers in Ontario, which he described as a "game changer for the Conservatives."

Meanwhile, new Nanos figures also show a decline in popularity for the Liberals among young voters, a demographic that largely helped Trudeau win in previous elections.

The data also showed that the Liberals are in a distant third place among those aged 18 to 29 at 15.97 percent, compared to the Conservatives and the New Democratic Party at 39.21 percent and 30.92 percent, respectively.

Nanos said, “I would be very concerned if I were the Liberals.”

He added that the Liberals need to do three things to win the next election, currently scheduled for 2025: win back women who have shifted their support to other parties, mobilize young voters under one progressive banner, and increase competitiveness among male voters.