Insolvencies in November were 5.1 per cent higher than in October, and 24.4 per cent higher than a year earlier. Shoppers walk past a boarded up storefront on Saint-Catherine Street in downtown Montreal, Tuesday, Dec. 19, 2023. THE CANADIAN PRESS/Christinne Muschi
Insolvencies in November were 5.1 per cent higher than in October, and 24.4 per cent higher than a year earlier.
The Office of the Superintendent of Bankruptcy says consumer insolvencies were up 24 per cent in November compared with a year ago, while business insolvencies rose 36.8 per cent.
The data, which takes into account proposals and bankruptcies, shows insolvencies for both consumers and businesses continued to rise from pandemic lows.
Business insolvencies rose 41.8 per cent year-over-year in the third quarter of 2023, surpassing pre-pandemic levels.
However, consumer insolvencies in the third quarter were still below pre-pandemic levels.
In November, that trend continued – business insolvencies were higher than in November 2019, while consumer insolvencies were a little lower.
This report by The Canadian Press was first published Jan. 5, 2024.
