Canadians continued to file for insolvency in the second quarter at levels not seen in more than a decade as the housing market slump and rising costs caught up with consumers, according to the Office of the Superintendent of Bankruptcy.
OSB data released on Monday shows 37,523 Canadian consumers filed for insolvency in the second quarter – a 6.9-per-cent increase compared to the same period last year, and the highest quarterly volume since 2009. There were 402 more insolvencies during Q2 as compared to the first quarter of the year. The increase marked two consecutive quarters above 2009 levels; that was the all-time highest full year for consumer insolvency filings.
