Consumer insolvencies to see significant, double-digit growth month over month in 2023: Doug Hoyes
Consumer insolvencies were up 16.3 per cent in November 2022 compared with the same month the year prior, and business insolvencies were up 58.3 per cent.
Meanwhile, consumer insolvencies for the 12-month period ended Nov. 30, 2022 were up 9.5 per cent compared with a year earlier.
Business insolvencies for the 12-month period were up 37.8 per cent.
Total insolvencies in November 2022 were up 7.3 per cent month over month, and up 17.5 per cent year over year.
The rise in consumer insolvencies for the 12-month period was driven by consumer proposals, which are less severe than bankruptcies, which were up 18.9 per cent and made up three-quarters of all consumer insolvencies.
The industries that saw the biggest increases in insolvencies for the year were accommodation and food services and construction, while mining, oil and gas extraction, and finance and insurance saw the biggest decreases in insolvencies.
This report by The Canadian Press was first published Jan. 5, 2023.