The latest data on Canadian insolvencies shows an increase in insolvencies.

The Office of the Superintendent of Bankruptcy Canada says that although there was a decrease in November compared to the previous month, the 12-month figure shows a rise of 2% for the period ending November 30, 2018 compared to the previous 12-month period.

Bankruptcies in the 12 months were lower, by 5% to 55,381; but consumer proposals jumped 8.4% to 69,537.

The largest percentage gain was 500% in Nunavut but this was from 1 to 6 people. There was an 12% rise in Newfoundland and Labrador, taking the 12-month figure to 2,776.

Yukon and Nova Scotia were the only provinces to record decreases in insolvencies in the 12-months to November 30, 2018 compared to the previous 12 month period.

Business insolvencies increased 0.6% over the 12 months led by the construction and retail trade industries while mining, oil & gas extraction, and manufacturing saw the largest decreases.

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: