Canadian Insolvencies Have Reached Their Highest Number Since March 2020

The newest figure marks a 17.5% increase from November 2021, and a month-over-month jump of 7.3%. Consumer insolvencies were up 16.3% annually in November, while business insolvencies rose by 58.3%.

During the same timeframe, business insolvencies increased by 37.8%. The sectors that saw the largest increase in the number of insolvencies were construction, and accommodation and food services. The biggest declines was seen across mining, oil and gas extraction, finance, and insurance. “This is the first time we have seen numbers close to pre-pandemic levels,” said Michelle Statz, Licensed Insolvency Trustee at Bromwich+Smith. “With the end of government benefits such as CERB and the onset of record inflation, it was just a matter of time until the other shoe would drop, and people would start to feel the full effects.”seven times in 2022, bringing the policy interest rate from 0.25% to 4.25% in just 10 months. The BoC’s next rate announcement is scheduled for January 25.

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