Insolvencies In Canada Now as High as During the Financial Crisis

Personal insolvencies become more common when interest rates rise. In Canada, people are filing for insolvency at a higher rate than usual, The Post Millennial reported. According to The Toronto Star, experts are saying that we haven’t had this many instances since the financial crisis in 2008-09. President of the Canadian Association of Insolvency and Restricting Professionals, Grant Christensen said, “It’s fairly clear what’s going on. There’s a close correlation between interest rates and insolvencies.” According to his figures, in the first nine months of 2019, 102,023 Canadians had to file for insolvency. This number is the highest it has been in the past ten years. Read more