Canadian insolvencies increased by 19.2% in May 2023 compared to the previous year, with consumer insolvencies reaching their highest volume since October 2019.
Canadian insolvencies increased in May 2023 compared to the previous year due to rising inflation and interest rates. Total insolvencies rose by 19.2%, with consumer insolvencies reaching 12,195, up 11.3% year-over-year and 3.4% from April. Business insolvencies totaled 530, down 3.8% from April but 41.7% higher than May 2022. The construction sector experienced a 24.3% month-over-month rise and a 109.1% increase year-over-year. The Canadian Association of Insolvency and Restructuring Professionals indicated that consumer insolvencies reached their highest volume since October 2019, while business insolvency levels have been steadily rising for 2.5 years.
June 28, 2024
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