Economics

Consumer Insolvencies in Canada Climb to Highest in 8 Years

A customer uses an automated teller machine (ATM) at a Royal Bank of Canada (RBC) branch during the company's annual general meeting in Toronto, Ontario, Canada, on Thursday, April 6, 2017. RBC Chief Executive Officer David urged lawmakers to coordinate interventions and act quickly to cool housing markets, particularly in Toronto and Vancouver.Photographer: Cole Burston/Bloomberg

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By Chris Fournier

May 13, 2019 at 2:34 PM UTC

This article is for subscribers only.

Canadian consumers filed the most insolvencies in eight years in March, an indication record debt levels may be catching up with an increasing number of households.

The Office of the Superintendent of Bankruptcies reported consumer insolvencies rose 5.7% to 11,963 in March, compared with 11,315 in the same month a year earlier. It was the highest volume of filings in any month since March 2011.