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BC Bankruptcy Statistics – December 2017

March 13, 2018

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For the month of December there were 770 consumer insolvency filings in British Columbia (BC). This represents an increase of 8.9% when compared to the 707 insolvencies in December of last year. Although this is an increase when compared to last year, this month represented the second lowest in 2017 for consumer insolvency filings.

December Bankruptcy Graph

Overall, consumer insolvencies decreased in BC during 2017. The total number of filings for 2017 was 10,007 which represented a 7.3% decrease compared to 2016.

Although insolvency filings are down and the unemployment rate in BC is low, the headwinds facing the Canadian economy seem extreme. Despite running large federal budget deficits, economic growth continues to be meagre, coming in at 1.7% last quarter, household debt continues to increase every quarter, the Canadian dollar is softening despite strengthening oil prices and uncertainty over trade with the United-States continues.

The Vancouver real estate market continues to show stability in apartments; however, sales in detached homes, historically an ATM for homeowners, have fallen dramatically. Sales of detached homes in Vancouver during the month of February reached a 27 year low; this all before the full effects of the new stress test for mortgages and the Provincial Governments 30-point plan to stabilize the housing market has taken effect.

Although it may seem counter intuitive, the best time to file a consumer proposal is when unemployment is low and debts are high. A proposal enables an individual to settle their debts for a fraction of what is owed (try our debt comparison calculator). In addition, being employed may  allow an individual to make a proposal to creditors to settle their debts and avoid bankruptcy.

Source: Office of the Superintendent of Bankruptcy, Insolvency Statistics

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