Canadian insolvencies rose in May from last year as elevated inflation and interest rates continue to hit businesses and consumers.
Data from the Office of the Superintendent of Bankruptcy shows total insolvencies were up 19.2 percent from May 2023 and up 3.1 percent from April.
The overall figures came as consumer insolvencies totalled 12,195 in May for a rise of 3.4 percent from April and an increase of 11.3 percent from last year.
Business insolvencies were down from April, falling 3.8 percent to 530, but up 41.7 percent from last year.
Some sectors have seen steeper rises though, such as construction where the 92 insolvencies worked out to a 24.3 percent increase from April and up 109.1 percent from May last year.
The Canadian Association of Insolvency and Restructuring Professionals says consumer insolvencies are at their highest volume since October 2019, while year-over-year business insolvency levels have been continuously rising for 2.5 years.
