The Bank of Canada is flagging the steady climb of household debt and still-hot housing markets as the financial system’s top vulnerabilities. (Photo by THE CANADIAN PRESS)

Bankruptcies in British Columbia on the rise

Consumer bankruptcies climbed by 6. 1 per cent in August 2018 from the same month last year.

The economy is going well, but more and more British Columbians find it difficult to stay afloat.

Consumer bankruptcies climbed by 6. 1 per cent in August 2018 from the same month last year. This increase is consistent with large developments that show Canadians are borrowing and therefore getting themselves — albeit not inevitably — in financial trouble, said to get worse against the backdrop of rising interest rates.

RELATED: Household debt, housing remain key risks for financial system: Bank of Canada

According to Statistics Canada,71 per cent of all Canadian families had some debt, up from 67 per cent in 1999. Debt includes both mortgages and consumer debt such as car loans, lines of credit, vehicle loans, personal loans and student debt.

RELATED: British Columbians still getting deeper in debt

Notably, personal bankruptcies in British Columbia rose while the national rate dropped by 2.2 per cent during the same period.

Looking at businesses during the same period (August 2018 compared to 2017), they rose by 200 per cent from two to six filings, according to B.C. Statistics. The number of Canadian bankruptcies rose 0.5 per cent over the same period, with just over half 53 per cent being in the construction, retail trade and accommodation and food services sectors.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ucluelet and Tofino mayors call for “calmness” and “empathy” as highway closure cuts communities off from supplies

Ministry of transportation expects to open road for “essential travel only” from noon-8 p.m. Friday.

UPDATED: Tofino-Ucluelet highway will be open for “essential travel only” on Friday

Vehicles will be screened at the Tofino/Ucluelet junction and at Sproat Lake.

Tofino shakes up emergency notification service

“You can download maps and it has more functionality.”

Dylan Green set to launch B.C.’s first ride-hailing app in Tofino

The Whistle! app will be available in Tofino on Feb.1 and in Whistler Feb. 6.

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Province’s oldest practising lawyer shares advice at her 100th birthday party

Firefighters bring Constance Isherwood a cake with 100 birthday candles

Vernon woman suing McDonald’s for spilled coffee

Woman seeking nearly $10K, says employee failed to put lid on properly

Diners’ health tax not catching on in B.C., restaurant group says

Small businesses look for options to cover employer health tax

B.C. comic wins judgment after club owner slaps cellphone out of his hands

Incident happened last summer when Garrett Clark was performing in Abbotsford

Owner surrenders dog suffering from days-old gunshot wound to B.C. SPCA

The dog was also found to be emaciated and suffering from a flea infestation

B.C. man dies after police called for ‘firearms injury’ in rural Alberta

Victim is 30-year-old Greater Victoria man, say police

Was Bigfoot just spotted on a Washington State webcam?

Sherman Pass is rougly 70 kilometres south of Grand Forks, B.C.

Most Read