Canadian consumer insolvencies increased again in August

Canadian consumer insolvencies increased again in August

Canadian consumer insolvencies increased again in August

More Canadians were officially insolvent in August, the latest month of data from the Office of the Superintendent of Bankruptcy Canada.

There were 11,284 insolvencies in the month, down slightly from the previous month, but 7.7% higher than in August 2018. There were 3.1% fewer bankruptcies (4,492) but consumer proposals rose 16.2% (6,792).

British Columbia (932), Alberta (1,398), Ontario (3,748), and Nova Scotia (527) all posted double-digit increases in insolvencies year-over-year. Yukon saw a 100% increase but this was from 1 in August 2018 to 2 a year later.

There were fewer insolvencies in August 2019 compared with a year earlier in New Brunswick, Quebec, Saskatchewan, and the Northern Territories.

Consumer insolvencies for the 12‑month period ending August 31, 2019, increased by 6.9% compared with the 12‑month period ending August 31, 2018.

Business insolvencies decreased in August compared to a year earlier by 14.3%.

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 2.6% in August 2019 compared to the previous month. Bankruptcies decreased by 2.8% and proposals decreased by 2.4%.

The total number of insolvencies in August 2019 was 7.1% higher than the total number of insolvencies in August 2018.