More Canadians, real estate firms are becoming insolvent

by Steve Randall04 Jun 2019

There was a rise in Canadian consumer insolvencies in April according to new figures from the Office of the Superintendent of Bankruptcy Canada.

The 4.5% rise in insolvencies in the 12-month period ending April 30, 2019 was driven by an 11.2% increase in consumer proposals while bankruptcies were down 3.3%.

Consumer insolvency filings accounted for 97.2% of all filings in the 12-month period ended April 30, 2019.

Business insolvencies were up 2.3% over the period with the largest increase coming from the ‘other services’ sector along with real estate and rental and leasing.

Overall, the total number of insolvencies (bankruptcies and proposals) in Canada decreased by 1.4% in April 2019 compared to the previous month. Bankruptcies increased by 4.4% and proposals decreased by 5.3%.

The total number of insolvencies in April 2019 was 9.6% higher than the total number of insolvencies in April 2018. Consumer insolvencies increased by 9.3%, while business insolvencies increased by 21.4%.

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