The country’s ongoing cost of living crisis is pushing Canadians deeper into debt as the rate of insolvencies has reached the highest it has been in years.
That’s according to the latest Canadian Association of Insolvency and Restructuring Professionals (CAIRP) report.
Consumer insolvencies increased by 11.3% in May compared to the same month last year, according to the latest data from the Office of the Superintendent of Bankruptcy (OSB).
The number of personal filings reached 12,195, which is the highest monthly volume seen since October 2019, before the pandemic. This breaks down to an average of 393 filings by Canadians per day.
In a statement, André Bolduc, CAIRP chairperson, said that despite June’s decline in interest rates, “the high cost of living and the high cost of servicing debt continue to strain budgets.”
In the 12-month period that ended in May 2024, there…
