Equifax Canada released the latest data from an economic report which revealed that Canadians in every region of the country are filing for bankruptcy in increasing numbers. The most recent bankruptcy data as of November 30th 2008, shows that consumer bankruptcies increased by 9% over the same period as a year earlier – with 109,068 bankruptcy filings at the end of November 2008 vs. 100,253 bankruptcies at the end of November 2007.
Canada
– Bankruptcies are trending higher in all parts of Canada: By November 30th 2008, total consumer bankruptcies (109,068) had already surpassed, by 1.6%, the total amount of bankruptcies for all of 2007
(107,312).
– The average loss per consumer resulting from bankruptcy had increased most significantly in October & November of 2008, reaching $33,000 (excluding mortgage debt) from $31,000 per consumer in January 2008.
Western Canada
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– Western Canada experienced a 4.2% increase in bankruptcies between November 30 2007 (19,053) and November 2008 (19,863).
– In Q1 and Q2 2008, consumer bankruptcies for Calgary were at their lowest in 5 years, but by November 2008, the year-to-date total was 12% higher than the same time a year earlier (November 2007 – 2,292
vs. November 2008 – 2,588).
– In Q1 and Q2 2008, consumer bankruptcies for Edmonton were at theirlowest in 5 years, but by November 2008, the year-to-date total was 17% higher than the same time a year earlier (November 2007 – 2,406
vs. November 2008 – 2,836).
– In Q1 and Q2 2008, consumer bankruptcies for Vancouver were at their lowest in 5 years, but by November 2008, the year-to-date total was 6% higher than the same time a year earlier (November 2007 – 3,790
vs. November 2008 – 4,026).
Ontario
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– Ontario’s consumer bankruptcies were trending upwards in 2008 and the year-to-date total on November 2008 was 10.5% higher than the same period in 2007 (November 2007 – 42,770 vs. November 2008 – 47,272).
– Consumer bankruptcies for Toronto in 2008 have far exceeded those experienced in the past 5 years and the year-to-date total at November 2008 was 8% higher than a year earlier (November 2007 – 11,276 vs. November 2008 – 12,161).
Quebec
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– Quebec’s consumer bankruptcies were trending upwards in 2008 and the year-to-date total on November 2008 was 10% higher than the same period in 2007 (November 2007 – 29,130 vs. November 2008 – 32,043).
– Consumer bankruptcies for Montreal in 2008 have far exceeded those experienced in the past 5 years and the year-to-date total at November 2008 was 11.5 % higher than a year earlier (November 2007 – 12,914 vs. November 2008 – 14,405).
Maritimes and Newfoundland
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– Since Q2 2008, bankruptcies in the Maritimes and Newfoundland had reached 5-year highs and the year-to-date total at November 2008 was 6.5 % higher than a year earlier (November 2007 – 9,222 vs. November 2008 – 9,824).