Amid decades-high inflation and repeated interest rate hikes, the Office of the Superintendent of Bankruptcy Canada’s latest report shows an 11 percent increase in insolvencies among Canadians compared with this time last year.
While bankruptcies rose 11 percent nationwide – a jump that represents over 26,000 additional insolvency filings when compared with Q2 last year – Canada’s most populous province of Ontario suffered an even more staggering increase of 16.5 percent.
According to the Toronto Star, one of the biggest factors behind the increase in bankruptcies is Canada’s declining housing market, which just before the downturn had hit record highs during the so-called pandemic due to historically low interest rates and massive government subsidies. Read more…
