Insolvencies down in almost all provinces

There was a drop in the number of consumers filing bankruptcy or personal proposals in April, the latest month of data released by the Office of the Superintendent of Bankruptcy Canada.
While the annual rate increased by 0.5 per cent, the month-over-month figures show a drop from 11,780 in March to 10,089 in April; continuing the downward trend.
There were decreases in insolvencies in almost every province with Saskatchewan posting an increase of 11 and 2 additional filings in the Northern Territories, although the overall numbers are among Canada’s lowest.
Among the provinces with the largest overall numbers of insolvency filings, Quebec saw a drop of more than 500 in April from the previous month with 3,411; there was also a drop of around 500 for Ontario to 3,239; Alberta was down 250 to 1,024; and BC was down by a similar level to 769.
Proposals continue to show an increased share of insolvency filings while bankruptcies are lower.

More Mortgage Guide