Canadian Consumer Insolvency Filings Hit Second-Highest Level on Record in 2019

As housing affordability continues to be a consistent struggle for Canadians, new data from the Office of the Superintendent of Bankruptcy (OSB) confirms just how bad Canadian household debt is getting, Toronto Storeys reported. The new data revealed that 2019 saw the second-highest number of annual consumer insolvency filings ever in Canada, with 137,178 Canadians filing for insolvency, a 9.5% year-over-year growth. This works out to be about 375 Canadians filing a bankruptcy or consumer proposal each day in 2019, according to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). Furthermore, 2019 experienced the largest annual gain in nearly ten years, raising serious concerns for the record-level of household indebtedness in Canada. Read more