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BC Insolvency Statistics – February 2018

May 28, 2018

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There were 759 consumer insolvency filings in British Columbia during the month of February. This represents a 5.1% decrease when compared to February of last year and a 24.7% decrease when compared to February 2016. The average number of monthly consumer insolvency filings over the last two years was 868, making February of this year 12.5% below the average.

February Bankruptcy Statistics

British Columbians are currently facing several challenges which are likely going to have an impact on their financial situations. These challenges include:

  1. Rising interest rates

    It is estimated that half of mortgages are up for renewal this year, which means rising rates will impact many households.

  2. Gasoline prices

    In Vancouver, gasoline prices have just reached the highest level ever reached by any city in North America. High gas prices are like an immediate tax increase as they impact the cost of delivery on virtually all goods and services. These increased costs will either be absorbed by producers and suppliers or passed on through higher prices.

  3. Real estate

    Real estate accounts for 18% of the BC economy, therefore a slow-down in the Vancouver market will have broad implications. In addition, individuals can no longer use the increasing value of their homes as an ATM which will impact consumer spending.

On the other hand, people in Vancouver have jobs. The unemployment rate in continues to hover around 4.0% and many shopfronts have “help wanted” signs in their windows. With jobs people have income and thus can make payments to their creditors.  However, if people want to compromise the debt with their creditors a consumer proposal may be an excellent option. A proposal enables individuals to settle their debts for a fraction of what is owed. Try our debt comparison calculator to find out how much can be saved by filing a proposal with a Licensed Insolvency Trustee.

Source: Office of the Superintendent of Bankruptcy, Insolvency Statistics

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