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 the Office of the Superintendent of Ontario releases data.
Updated for May 2024.
2024 Consumer Insolvency Filings
May saw continued growth in consumer insolvencies but a further decline in proposal share.
Total consumer insolvencies continued their upward trajectory in May, increasing by 16.0% in Ontario and 11.3% Canada-wide compared to a year earlier.
Year-to-date, Ontario consumer insolvencies are up 21.4%, while Canada volumes increased by 15.0%.
Personal bankruptcies continue to show stronger growth than consumer proposals. Year-over-year, May Ontario bankruptcies increased by 25.4% compared to 13.7% for consumer proposals. Across Canada, bankruptcy growth was 11.6%, marginally above proposal growth at 11.2%.
The result has been a continued decline in proposals as a share of insolvencies. Ontario’s proposal share fell to 78.7%, the lowest level since May 2022, and Canada’s proposal share fell to 76.9%, a low not seen since September 2022.
Our Hoyes Michalos Homeowners Bankruptcy Index was 5.7% in June 2024. Year-to-date, our index is 4.8%, up from 4.2% for 2023.
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
