Canadian consumer insolvencies on the rise
A new report from CIBC World Markets says that consumer insolvencies in Canada are on the rise and notes the “damage from lower oil prices” as a cause. In Saskatchewan and Manitoba there was an 11 per cent increase in personal insolvencies in the 6 months to February while Alberta saw a 6.5 per cent rise. Quebec insolvencies rose by 6 per cent, BC’s rate was flat and Ontario’s dropped by 7 per cent. Actual bankruptcies are declining but there has been a rise in the number of consumer proposals; an alternative to bankruptcy.