The number of Canadian consumers becoming insolvent in May increased by 8.6% compared to the previous month.
Figures from the Office of the Superintendent of Bankruptcy Canada show that business insolvencies were up by 0.3% month-over-month and overall insolvencies (consumers and businesses) were up 5.2% year-over-year.
Among consumers, there was an increase of 5.2% for the 12-month period ending May 31, 2019 compared with the 12-month period ending May 31, 2018.
Consumer proposals accounted for 57.7% of the insolvencies for this group with an increase of 12.1% over 12 months while bankruptcies decreased 2.9%.
Ontario led consumer insolvencies in May with 4,172. This was up 10.1% form April and up 16% from May 2018. There were also double-digit month-over-month increases for PEI (up 12.1% to 74), and Saskatchewan (up 11.7% to 295).
Quebec had the second highest number at 3,905, up 4.6% month-over-month and 3.1% year-over-year. British Columbia posted a 6.2% month-over-month rise in consumer insolvencies to 991, 4% higher than a year earlier.
Consumer insolvencies decreased month-over-month in Newfoundland and Labrador (291), New Brunswick (425), Manitoba (263), Alberta (1,401), and the Northwest Territories (4); but all showed increased compared to a year earlier.
