Canadians are filing for insolvencies at levels unseen in more than a decade as rising costs and uncertainty around housing and employment put more strain on consumers, according to the latest data from the Office of the Superintendent of Bankruptcy.
The number of Canadians who filed for insolvency jumped 8.5 per cent year-over-year in the first quarter of 2026 to 37,121, the highest quarterly volume since 2009, the OSB recorded in statistics released on Monday.
But the accelerating pace of insolvencies may be more concerning than the volume, said Doug Hoyes, a licensed insolvency trustee and co-founder of Hoyes, Michalos & Associates.
Insolvencies rose 4.2 per cent year-over-year in the 12-month period ending March 31 and the number of monthly insolvencies rose 17.5 per cent between January and March.
“It’s the canary in the coal mine,” he said.
