More Canadians were officially insolvent in October

There was a double-digit increase in consumer insolvencies in October according to new data from the Office of the Superintendent of Bankruptcy Canada.

There were 13,512 filings in the month and the national increase was 13.4% month-over-month while business insolvencies decreased 2.2%.

On a 12-month basis, there was an 8.9% increase in consumer insolvencies compared with the previous 12-month period.

Leading the gains for consumer insolvencies on a percentage increase basis were the Northwest Territories (133.3%) with a rise from 3 to 7. Prince Edward Island was next (83.3%) with 77 people filing for insolvency compared to 42 in September.

On a volume basis, Quebec saw the largest number of insolvencies at 4,329, up 10.9% month-over-month; followed by Ontario with 4,247, a 9.7% increase.

There were no provinces posting month-over-month declines in insolvency filings but Yukon saw no change from the previous month or year-over-year with 2 filings.

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