Debt Relief Experts
Ontarians continue to carry record levels of personal debt, and for many residents, a consumer proposal or a personal bankruptcy becomes the only way out of financial trouble.
This page is updated monthly as data is released by the Office of the Superintendent of Ontario.
Updated for March 2024.
2024 Consumer Insolvency Filings
Year-over-year consumer insolvency growth appeared to slow dramatically in March. However, the true growth was masked by the fact that there were fewer working days in March 2024 compared to March 2023.
In raw numbers, Canadian consumer insolvencies declined 1.8% in March compared to 2023, while Ontario’s volumes increased by 3.4%. However, there were only 20 working days in March 2024, compared to 23 in March 2023. Consumer insolvencies per day increased at a much more rapid pace – up 12.9% Canada-wide and 19.4% in Ontario.
Although even the daily pace of growth was slightly slower than previous months, it is also important to note that this was off very high March 2023 volumes. Despite the numbers, we do not see an overall slowing in the trend of consumer insolvencies in the coming months.
Personal bankruptcies accounted for much of the growth in Ontario, up 11.9%, while March proposals were up only 2.2% in Ontario. Across Canada, personal bankruptcies declined 1.9% compared to a 1.8% decline in consumer proposals.
Proposals as a share of all insolvencies have been slightly softer in recent months, falling to 81.4% of filings in Ontario and 19.4% across Canada.
Our Hoyes Michalos Homeowners Bankruptcy Index was 4.7% in March 2024. Overall, homeowner insolvencies appear to be in a holding patter.
Ontario Consumer Insolvency Statistics by Region 2023
Ontario insolvencies ended the year up 26.2%, while Canadian consumer insolvencies grew by 23.0%.
In total, 43,831 Ontarians across Ontario filed for insolvency in 2023. Personal bankruptcies increased by 12.6%, while consumer proposals grew by 29.7%. The trend toward more insolvent debtors choosing a consumer proposal over personal bankruptcy continued, driving the share of proposals to total insolvencies to 82%, up from 79% in 2022. In comparison, 79% of Canada-wide insolvencies are consumer proposals, up from 75% the year before.
To understand how the profile of the average consumer insolvency changed, read our annual Joe Debtor Bankruptcy Study.
Below is a summary of insolvencies by geographic region as summarized by Hoyes Michalos based on insolvency statistics by FSA provided by the Office of the Superintendent of Bankruptcy (OSB). Regional FSA allocations may differ slightly from annual economic region data provided by the OSB as the regional data summarized by Hoyes Michalos provides additional location details than is available by economic region.
REGION* |
Consumer Insolvencies | Total Growth | Growth Bankruptcy | Growth Proposal | % Proposals |
| Canada | 123,233 | 23.0% | 6.6% | 28.3% | 79% |
| Ontario | 43,831 | 26.2% | 12.6% | 29.7% | 82% |
REGION* |
|||||
| Barrie Region | 1,867 | 20% | 15% | 21% | 83% |
| Belleville Region | 921 | 30% | 13% | 35% | 80% |
| Brampton | 1,994 | 27% | 30% | 26% | 85% |
| Brantford Region | 861 | 35% | 7% | 40% | 87% |
| Brockville Region | 306 | 12% | 5% | 14% | 73% |
| Cambridge | 497 | 19% | 35% | 16% | 83% |
| Chatham Region | 515 | 38% | 5% | 49% | 80% |
| City of Toronto | 2,703 | 21% | 27% | 20% | 82% |
| Cornwall Region | 400 | 20% | -22% | 41% | 79% |
| Essex-Leamington Region | 299 | 35% | 59% | 30% | 79% |
| Etobicoke | 1,327 | 21% | 18% | 21% | 84% |
| Guelph | 433 | 19% | 24% | 18% | 82% |
| Hamilton Region | 2,145 | 25% | 20% | 26% | 81% |
| Huron Region | 522 | 28% | 2% | 40% | 76% |
| Kingston Region | 595 | 12% | 1% | 16% | 74% |
| KW-Wellington Region | 1,326 | 21% | 6% | 25% | 84% |
| London Region | 2,405 | 27% | 11% | 32% | 81% |
| Markham | 660 | 39% | 3% | 47% | 86% |
| Mississauga | 2,021 | 25% | 8% | 29% | 84% |
| Newmarket & Area | 849 | 39% | 7% | 47% | 85% |
| Niagara Region | 1,632 | 34% | 19% | 40% | 78% |
| North Bay Region | 446 | 29% | 30% | 29% | 77% |
| North York | 3,128 | 30% | 11% | 34% | 86% |
| Burlington-Oakville Region | 1,150 | 28% | 15% | 31% | 82% |
| Orangeville & Area | 332 | 31% | 4% | 37% | 86% |
| Oshawa-Bowmanville Region | 1,642 | 40% | 22% | 45% | 84% |
| Ottawa Region | 3,119 | 21% | 2% | 28% | 78% |
| Parry Sound-Huntsville Region | 286 | 15% | 26% | 13% | 79% |
| Pembroke Region | 272 | 30% | -13% | 48% | 79% |
| Peterborough Region | 768 | 17% | 23% | 16% | 78% |
| Pickering | 662 | 31% | 24% | 32% | 87% |
| Richmond Hill | 452 | 26% | 7% | 31% | 83% |
| Sarnia Region | 388 | 9% | 6% | 10% | 71% |
| Sault Ste. Marie Region | 449 | 33% | 25% | 37% | 67% |
| Scarborough | 2,235 | 29% | 6% | 34% | 85% |
| Stratford Region | 177 | 40% | 39% | 41% | 76% |
| Sudbury Region | 942 | 16% | -11% | 26% | 79% |
| Thunder Bay Region | 612 | 24% | -4% | 36% | 77% |
| Timmins Region | 503 | 6% | -20% | 12% | 84% |
| Vaughan | 450 | 25% | 37% | 23% | 82% |
| Windsor Region | 1,148 | 23% | 46% | 17% | 77% |
| Woodstock Region | 367 | 9% | -12% | 15% | 82% |
| *Region includes surrounding rural areas | |||||
Who files insolvency in Ontario?
The average insolvent debtor looks much like the average person in Ontario. They are working and struggling to make ends meet. To read more about what the average bankrupt looks like, see our bankruptcy research study: Joe Debtor.
Press Inquiries
For commentary and information about consumer insolvencies and debt issues in Ontario, contact:
J. Douglas Hoyes
CA, CPA, Licensed Insolvency Trustee
Email Doug
Ted Michalos
CA, CPA, Licensed Insolvency Trustee
Email Ted
