There was an increase in the number of Canadians becoming officially insolvent in August.

Figures released this week by the Office of the Superintendent of Bankruptcy Canada show a 0.5% rise in consumer insolvencies in the 12 months to August 31, 2018, compared to the 12-months ended August 31, 2017.

Bankruptcies were down 6.4% but this was outpaced by a 7% rise in proposals.

The proportion of proposals in consumer insolvencies increased to 54.8% during the 12-month period ending August 31, 2018, up from 51.4% during the 12-month period ending August 31, 2017.

Where the increases were
The largest annual gain in insolvencies was in the Northwest Territories (60%) although that was a rise from 5 to 8 in total.

In Newfoundland and Labrador there was a 21.8% rise from 197 to 240, while Manitoba saw a 27.4% increase from 186 to 237; and Saskatchewan saw a rise from 270 to 304.

Among the provinces with larger numbers, BC decreased slightly from 836 to 824; Alberta saw a 5.6% rise from 1,168 to 1,233; and Ontario rose from 3,164 to 3,226, a 2% gain.

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: